In June, the Services PMI slipped to 60.1%, a 3.9% decline from May’s all-time record of 64% as the growth of the services sector continued for the 13th straight month.
Source: Institute for Supply Management.
DJI slips -1.18%
The supplier deliveries contributed to the decline in the service sector with a 1.9% decline from May’s index.
New orders dropped by 1.8% to 62.1%. Inventories also decreased by 1.6% due to supplier and logistics delays and slower replacements.
Employment levels in the services sector decreased in June by 6% with challenges to find qualified candidates to fill the open roles. 16 services industries recorded a growth despite contraction from May’s record performance.
Economic challenges, including materials shortages, logistics, inflation, and employment resources continued to impede improvement in business conditions. Both the services sector and the U.S. economy continue growing at a slower rate.