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US service sector PMI slows for the third straight month

by ChemOrbis Editorial Team -
  • 07/07/2015 (13:12)
A measure of US service sector activity slowed for a third straight month in June, according to data reported by Markit Economics. Markit’s services sector Purchasing Managers’ Index (PMI) declined to a reading of 54.8, matching previous estimates. Meanwhile, the employment component of ISM’s (Institute for Supply Management) services index also declined to 54.1 from 55.5 in May. Any reading above 50 signifies an expansion in both surveys.

Previously, Markit’s reading of manufacturing activity had posted its lowest growth level since October 2013.

Analysts commented that the slowdown in growth reported by the surveys could signal a slower economic expansion in the third quarter.
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