US ISM services PMI edges past forecasts in June

(Sharecast News) - Services sector activity in the US rebounded a tad more than anticipated last month on the back of increased output and stronger order flow. The Institute for Supply Management's services sector Purchasing Managers' Index improved slightly, rising from a reading of 49.9 for May to 50.8 in June.

Economists' forecasts had been for a print of 50.5.

Many of the purchasing managers canvassed by ISM referenced the negative impact on their sub-sector due to the uncertainty around the Trump administration's trade tariffs.

But not all managers' comments were downbeat.

A sub-index linked to production improved from 50.0 to 54.2 and that for new orders from 46.4 to 51.3.

Another sub-index tried to the prices paid by firms meanwhile dipped from 68.7 to 67.5.

The sub-index for employment fell from 50.7 to 47.2.