Jul 6: ISM Services Index Up

The ISM Services Index increased to 47 in June, was expected to increase to 46.1 for the month, after increasing to 44 (from 43.7) in May.  A reading below 50 implies contraction of the non-manufacturing section for the 9th consecutive month, but with a rising index, the pace of contraction is declining.  The following 6 industries reported growth over the month: Real Estate, Rental & Leasing; Arts, Entertainment & Recreation; Accommodation & Food Services; Finance & Insurance; Construction; and Information.  The remaining 11 industries in the index reported contraction: Mining; Agriculture, Forestry, Fishing & Hunting; Wholesale Trade; Transportation & Warehousing; Retail Trade; Management of Companies & Support Services; Public Administration; Health Care & Social Assistance; Professional, Scientific & Technical Services; Educational Services; and Other Services.

The index’s complement, the ISM Manufacturing Index, increased to 44.8 in June, was expected to increase to 44.6, from 42.8 in May from April’s 40.2 level.  The index had been below 50 for the past 17 months, signifying contraction on the manufacturing levels, but recent rising levels can serve as an indication that the rate of decline is diminishing with prospects of an anticipated recovery.

Upcoming Releases
ISM Services Index (07/06 at 10:00 AM EST)
ABC News/Washington Post Weekly Consumer Confidence Index (07/07 at 5:00 PM EST)
Consumer Credit (07/08 at 3:00 PM EST)
Wholesale Inventories (07/09 at 10:00 AM EST)

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