Non-Manufacturing Report Rounds Out Estimate-Topping Month for ISM Reports
Jul 6, 2017
The June ISM non-manufacturing report beat estimates with the headline non-manufacturing PMI rising 0.5 points to 57.4 (expected 56.5), marking the third strongest print since October 2015. Sixteen of 17 industries within the non-manufacturing sector indicated expansion but there were mixed results in a couple of key underlying metrics. The employment index declined but remained at its third strongest level since 2015. Certain industries continued to report difficulties finding the right person with the right skills to fill open positions. The new orders index improved to its third strongest level of the year after dropping to a year-to-date low in May. Earlier this week, the ISM manufacturing PMI also topped estimates. The June series show a positive rebound from a May lull.