Non-manufacturing data for June is down slightly but still strong

Non-manufacturing activity continued to remain on a growth track for the month of June, according to the Non-Manufacturing Report on Business from the Institute for Supply Management (ISM), which was released today.

The NMI, the ISM’s index to measure growth, dipped 0.3 percent to 56.0, just down from May’s 56.3, which is the highest level for the PMI since August 2013’s 57.9. A reading above 50 represents growth. The June NMI is 1.3 percent higher than that 12-month average of 54.7 and marks the 53rd consecutive month of growth in the non-manufacturing sector.

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