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- U.S. services sector activity improves more than initially estimated in June - IHS Markit
U.S. services sector activity improves more than initially estimated in June - IHS Markit
The latest
report by IHS Markit revealed on Monday the seasonally adjusted final IHS
Markit U.S. Services Business Activity Index (PMI) stood at 47.9 in June, up
significantly from 37.5 in May and higher than the “flash” figure of 46.7. This
was the highest reading since February and signaled a notably softer rate of the contraction in business activity across the U.S. service sector as many companies
began to reopen following the easing of COVID-19 restrictions.
Economists had
forecast the index to stay unrevised at 46.7.
According to
the report, New business inflows meanwhile broadly stabilized in June, following
three successive monthly contractions, while export sales rose for the first
time so far in 2020. At the same time, the rate of job shedding softened
markedly, while excess capacity eased as backlogs fell only fractionally as
firms processed unfinished business upon the resumption of operations. O the
price front, inflationary pressure returned as both input prices and output
charges rose for the first time since February, with both increasing at solid
rates.
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