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Non-Manufacturing ISM 47.0 vs Consensus Forecast of 46.7

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MikeMcD82
The Non-Manufacturing ISM came in at 47 compared to the consensus forecast of 46.7. This signifies the sector is still contracting, but at a slower pace than in May, which had a reading of 44.0. This was the index’s best showing in 9 months. The new orders index, which tends to be forward looking rose by 4.2 percentage points to 48.6. The prices index showed the sharpest increase of 6.8 percentage points to 53.7 percent in June. This is the prices index first positive reading since October 2008. This should help to quell any ongoing fears of deflation, but could help to put concerns over inflation back on the table.

The following six industries reported growth in the survey (in order of magnitude): Real Estate, Rental & Leasing; Arts, Entertainment & Recreation; Accommodation & Food Services; Finance & Insurance; Construction; and Information.

The following 11 industries reported contractions in the survey (in order of magnitude): Mining; Agriculture, Forestry, Fishing & Hunting; Wholesale Trade; Transportation & Warehousing; Retail Trade; Management of Companies & Support Services; Public Administration; Health Care & Social Assistance; Professional, Scientific & Technical Services; Educational Services; and Other Services.

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