US ISM services index at 4-month high

In the US, the Institute for Supply Management (ISM) service sector Purchasing Managers Index (PMI) rose to 53.9 in June, reaching a 4-month high. ISM announced the service sector PMI data for June. Accordingly, the ISM service sector PMI index increased by 3.6 points compared to the previous month in June, reaching 53.9. The market expectation for the data, which indicates an acceleration in service sector growth, was 51. The index had been 50.3 in May. The production index increased by 7.7 points on a monthly basis in June to 59.2, and the index for new orders increased by 2.6 points to 55.5. The employment index also rose by 3.9 points to 53.1 during this period. Surveys conducted for the ISM service index revealed growth in 15 industries of the service sector. Slight upward revision in service sector PMI data On the other hand, S&P Global also announced the final service sector PMI data for June. Accordingly, the service sector PMI data for June was revised from 54.1 to 54.4. The service sector PMI had been 54.9 in May. The composite PMI covering the manufacturing and service sectors was revised from 53 to 53.2 in June. The composite PMI had taken the value of 54.3 in May. A value above 50 in the ISM and PMI data indicates expansion, while a value below 50 indicates contraction.