ISM Non-Manufacturing PMI jumps to 57.1 in June vs. 50.1 expected
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The economic activity in the US' service sector recorded a strong growth, with the Institute for Supply Management's (ISM) Non-Manufacturing PMI arriving at 57.1 in June.
This upbeat reading comes on the back of two consecutive months of contraction and surpassed consensus estimates by a big margin, pointing to a reading of 50.1.
Further details revealed that the New Orders Index registered 61.6 percent; 19.7 percentage points higher than the reading of 41.9 percent in May. The Employment Index increased to 43.1 percent; 11.3 percentage points higher than the May reading of 31.8 percent.
Respondents remain concerned about the coronavirus and the more recent civil unrest; however, they are cautiously optimistic about business conditions and the economy as businesses are beginning to reopen,” said Anthony Nieves, Chair of the ISM Non-Manufacturing Business Survey Committee.
Market reaction
The data failed to ease the prevalent bearish pressure surrounding the US dollar, which remained depressed on the back of the prevalent upbeat market mood.
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