ISM Services Index Still Shows Growth
by Tracey RyniecJuly 05, 2012 | Comments : 2 Recommended this article: (0)
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While the ISM Manufacturing index skidded into contraction earlier this week, it doesn't look as dire on the services side of the economy. The ISM Services index for June fell to 52.1 from 53.7 in May, which is still indicating expansion since it's over 50.
It was, however, weaker than expectations which had called for a reading of 53.
The index has averaged 53.4 since the Great Recession officially ended in June 2009.
The sub indexes weren't much help in providing further clarity as they provided a mixed economic picture.
On the positive side, the employment index rose in June after a horrible May.
- June: 52.3
- May: 50.8
- April: 54.2
But the new orders index sank to 53.3 from 55.5.
Does this mixed data indicate that the economy will simply continue to muddle along?
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