Economic activity in the US services sector expanded for the sixth consecutive month in June, according to the Institute of Supply Management’s Services PMI, released today. The services PMI rose to a reading of 53.9% in June from 50.3% in May.
“There has been an uptick in the rate of growth for the services sector,” said Anthony Nieves, chair of the Institute for Supply Management’s Services Business Survey Committee. “This is due mostly to the increase in business activity, new orders and employment.”
Nieves also said the Services PMI continues to indicate sustained growth for the services sector after being above 50% for the sixth month following a single month of contraction that ended 30-month period of expansion.
Meanwhile, the employment index portion of the Services PMI grew in June after contracting in May. The employment index rose to a reading of 53.1% in June from May’s 49.2% reading. Comments from respondents on employment include “unable to find qualified candidates for some open positions” and “finally able to fill some positions that have been open for some time.”
The ISM Services PMI is based on data compiled from purchasing and supply executives across the US.