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- U.S. services sector activity expands slightly less than initially estimated in June - IHS Markit
U.S. services sector activity expands slightly less than initially estimated in June - IHS Markit
The
latest report by IHS Markit revealed on Tuesday the seasonally adjusted final
IHS Markit U.S. Services Business Activity Index (PMI) stood at 64.6 in June,
up from 70.4 in May and slightly below the earlier released “flash” estimate of
64.8. The latest reading pointed to the third-fastest growth in business
activity across the U.S. service sector since data collection began in October
2009, only slower than recent upturns in May and April, respectively.
Economists
had forecast the index to stay unrevised at 64.8.
According
to the report, rates of output and new order growth eased from May's record
highs, while capacity constraints meant backlogs of work increased at the quickest
rate for ten months. Although firms continued to hire new workers, challenges
finding suitable candidates weighed on the pace of job creation. On the price
front, input prices increased at the second-fastest rate on record as supplier
price hikes and greater wage bills pushed up cost burdens, while output charges
rose at the second-steepest rate on record, albeit with the rate of
inflation cooling from May’s peak.
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