2023-06-23 15:35:00
The June Composite Purchasing Managers Index (PMI) for the combined U.S. manufacturing and services sector, released by S&P Global on Thursday, fell to a three-month low. This was affected by the greater contraction in manufacturing activity. A PMI above 50 indicates an increase in activity.
Key Point Composite PMI preliminary fell 1.3 points month-on-month to 53 (median forecast is 53.5) Services PMI fell to 54.1 (market forecast 54) Manufacturing PMI fell to 46.3 (market forecast 48.5)
Inflation was a mixed bag. The purchase price index for the manufacturing industry shrank for the first time in about three years, while the comparable index for the service industry reached its highest level in five months. However, the overall receipt price index fell to its lowest level since 2020.
Service industry PMI remains high. Demand was strong, and the expectations index reached its highest level in about a year.
On the other hand, the manufacturing PMI is in a contraction zone and has deteriorated further. It was the lowest level in six months, and the new orders index was a sharp drop similar to May 2020.
“Growth is still dependent on spending in the services sector,” said Chris Williamson, chief business economist at S&P Global Market Intelligence. How resilient the services sector can be in the face of expectations,” he said in a statement.
Original title:US Business Activity Growth Cools as Manufacturing Weakens(excerpt)
US June Services Flash PMI 54.1; Est. 54
US June Flash Manufacturing PMI 46.3; Est 48.5
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