Reported 12 months ago
The US services sector experienced a significant decrease in June, with the Institute for Supply Management reporting a drop in the nonmanufacturing purchasing managers index to 48.8, the lowest level since May 2020, indicating contraction. The business activity measure fell to 49.6, showing the first contraction since May 2020. Although the surveys suggest economic slowdown due to declining orders, the overall economy's health may be better indicated by consumer spending data, despite growth estimates for the second quarter being around 2%.
Source: YAHOO