Services sector activity returned to growth in June, following contraction in May, for the first time after 10 consecutive months of growth, according to the new edition of the Services ISM Report on Business, which was released today by the Institute for Supply Management (ISM).
The June Services PMI, at 50.8 (a reading of 50 or higher signals growth), increased 0.9% over May’s 49.9 reading. Prior to May, the Services PMI had seen growth in 56 of the previous 59 months, going back to the initial recovery from the pandemic in June 2020. And June’s reading was 1.6% below the 12-month average of 52.4, with October’s 55.8 and May’s 49.9 marking the respective high and low readings over that period.
ISM reported that 10 of the services sectors it tracks saw growth in June, including: Other Services; Transportation & Warehousing; Utilities; Arts, Entertainment & Recreation; Management of Companies & Support Services; Wholesale Trade; Public Administration; Retail Trade; Information; and Real Estate, Rental & Leasing. Sectors seeing contraction included: Agriculture, Forestry, Fishing & Hunting; Construction; Mining; Health Care & Social Assistance; Professional, Scientific & Technical Services; and Educational Services.
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Jeff Berman, Group News Editor
Jeff Berman is Group News Editor for Logistics Management, Modern Materials Handling, and Supply Chain Management Review. Jeff works and lives in Cape Elizabeth, Maine, where he covers all aspects of the supply chain, logistics, freight transportation, and materials handling sectors on a daily basis. Contact Jeff Berman
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