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Business sentiment in the U.S. services sector plummeted in June, missing economic estimates by a wide margin and indicating that the pace of economic growth slowed down markedly at the end of last quarter.
The Purchasing Managers’ Index for the services sector, as measured by the Institute for Supply Management (ISM), marked the worst contraction since May 2020.
Chart: Services Sector Activity Tumbles The Most Since May 2020
“The decrease in the composite index in June is a result of notably lower business activity, a contraction in new orders for the second time since May 2020 and continued contraction in employment.” Steve Miller, chair of the ISM Services Business Survey Committee, said.
Miller highlighted that survey respondents report flat or lower business conditions, and while price pressures are fading, “some commodities have significantly higher costs.”
Respondents also indicated that the weaker supplier delivery performance is attribute to transportation challenges, and not to demand gains.
Also read: Private Employers Add 150,000 Jobs In June, Less Than Expected: Job Growth ‘Solid, But Not Broad-Based’
U.S. stocks inched higher in reaction to the bleak ISM Services PMI report, bond yields fell markedly, and the dollar weakened as traders raised their wagers on upcoming Fed interest rate cuts.
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