Markit Economics released its preliminary services purchasing managers' index (PMI) for the U.S. on Thursday. The U.S. preliminary services purchasing managers' index (PMI) declined to 54.8 in June from 56.2 in May, missing expectations for an increase to 56.7.
A reading above 50 indicates expansion in economic activity.
The decline was driven by a decrease in new business growth and hiring. The preliminary new business index declined to 55.0 in June from 55.7 in May.
"A slowdown in the economy at the end of the second quarter may mean the Fed takes a further pause for thought before hiking interest rates. The latest flash PMI surveys showed the smallest rise in service sector activity since January and the slowest growth of factory output for over a year and a half, linked to the strong dollar," Markit Chief Economist Chris Williamson.
© 2000-2020. All rights reserved.
This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at firstname.lastname@example.org.