US: S&P Global Services PMI drops to 52.7 (final) in June
|- S&P Global Services PMI in the US fell modestly in June.
- US Dollar Index clings to strong daily gains near 107.00.
Business activity in the US service sector expanded at a softer pace in June than in May with the S&P Global Services PMI falling to 52.7 (final) from 53.4 in May. This print came in better than the flash estimate of 51.6.
Commenting on the data, "June saw signs of a broad-based weakening of the economy with demand now falling in both the manufacturing and service sectors," noted Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.
"While the survey data point to a stalling of GDP at the end of the second quarter, a downshifting in the forward-looking new orders index and drop in companies' future output expectations hints at falling economic activity as we head through the summer," Williamson added.
Market reaction
The US Dollar Index showed no immediate reaction to this report and was last seen rising 0.45% on the day at 106.98.
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