WASHINGTON, July 06 (AFP): The massive US services sector saw growth hold mostly steady in June, while price gains pulled back from their blistering pace but remained high, according to an industry survey released Wednesday.
Although business activity increased, new orders and deliveries decreased due to high inflation and ongoing global supply chain snarls, according to the Institute for Survey Management (ISM).
ISM's services index fell 0.6 percentage points to 55.3 per cent, its lowest level since May 2020 even though it stayed above the 50-per cent threshold indicating expansion for the 25th consecutive month. The level indicates strong but easing growth due to a decline in new orders and slowing supplier deliveries.
The prices index dropped for the second consecutive month, decreasing two percentage points to still-high 80.1 per cent, the survey showed.
"Growth continues -- albeit slower -- for the services sector, which has expanded for all but two of the last 149 months," survey chair Anthony Nieves said in a statement.
US services firms see slow but steady growth: survey
FE Team | Published: July 06, 2022 23:50:49
US services firms see slow but steady growth: survey
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