June Services PMI shows more growth but at a slightly reduced rate

June services economy remained at similar levels compared to May, with some variation, according to the most recent edition of the of the Services ISM Report on Business, which was issued today by the Institute for Supply Management (ISM). The Services PMI came in at 55.3 (a reading of 50 or higher signals growth), down 0.6% compared to May, following a 1.2% decrease, from April to May. The Services PMI showed growth, at a slower rate, for the 25th consecutive month, with services sector growth now remaining intact for 147 of the last 149 months through June, said ISM. The June Services PMI is 5.5% below the 12-month average of 60.8, with November 2021’s 68.4 and June’s 55.3 marking the high and low readings over that period, respectively. What’s more, the June reading represents the lowest one since February 2021, which came in at 55.9.