US services sector growth slows in June: Markit
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[NEW YORK] The US services sector grew at a slower pace for a third straight month in June, as rates of expansion in both new business and hiring eased, an industry report showed on Thursday.
Financial firm Markit said the "flash," or preliminary, reading of its Purchasing Managers Index for the services sector slipped to 54.8 in June, from a final reading of 56.2 in May and short of expectations that called for a 56.7 reading.
A mark above 50 signals expansion in economic activity.
Markit's June reading of new business at service companies fell to 55 from the final reading of 55.7 in May.
Markit's composite PMI, a weighted average of its manufacturing and services indexes, fell to 54.6 in June from 56 in May. Earlier this week, Markit's final read on US manufacturing activity showed slower growth in June.
"The latest flash PMI surveys showed the smallest rise in service sector activity since January and the slowest growth of factory output for over a year and a half," Markit chief economist Chris Williamson said in a statement.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
20 photos that show how dramatically Singapore has changed in two decades
Singapore’s key exports up 15.3% in March from electronics surge, exceeding forecasts
