2023-07-09 15:00:41
He Composite Purchasing Managers Index (PMI) of the United States has slowed down in June to 53.2 points, as revealed by S&P Global.
For this figure to exceed 50 implies that US economic activity is expanding. S&P notes that services posted a somewhat smaller rebound than on previous occasions, while industrial production continued to contract.
In this sense, although new orders grew at a “solid” rate, albeit more slowly than in May, the drop in industrial sales accelerated and “offset to some extent” the expansion of services. Export orders fell for the thirteenth consecutive month.
For their part, costs rebounded as they were unable to offset the reduction experienced in the manufacturing sector by the rebound registered in services, where they grew at the fastest rate since January. Marketing prices remained “mostly” unchanged for goods and rose for services.
S&P says that as companies tried to fill long-term vacancies and operate on backorders, there was a “moderate” increase in hiring.
In addition, the PMI data for the Services Sector has also been published, which stood at 54.4 points, five tenths below the May record.
“Demand for services has remained surprisingly buoyant despite headwinds from higher cost of living and higher interest rates,” said Chris Williamson, chief economist at S&P Global Market Intelligence, stressing, on the other hand, that the rise in interest rates and the evolution of the stock markets are increasing the demand for “some” financial services.
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