An ISM barometer of business conditions at service companies such as restaurants and hotels rose to 53.9% in June from 50.3% in the prior month.
The numbers: An ISM barometer of business conditions at service sector companies such as restaurants and hotels rose to 53.9% in June from 50.3 in the prior month.This is the sixth consecutive month the index from the Institute of Supply Management has... The numbers: An ISM barometer of business conditions at service sector companies such as restaurants and hotels rose to 53.9% in June from 50.3 in the prior month.
Key details: Fifteen out of 18 industries reported growth in June. New orders, activity and employment all increased. The majority of respondents indicate that business conditions remain stable, but they are cautious relative to inflation and the outlook. A separate report from S&P Global showed its service sector activity index rose to 54.4 in June from the “flash” estimate of 54.1. This was down from 54.9 in May.
Big picture: The service sector and consumer spending has been driving the economy this year. The June data don’t signal any slowdown. Market reaction: Stocks DJIA SPX were lower as the economic data suggested the Federal Reserve has a green light to continue to raise interest rates. The yield on the 10-year Treasury note TMUBMUSD10Y rose above 4%.
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