BLBG: U.S. ISM Services Index Decreased to 53.3 in June From 54.6
The Institute for Supply Management’s index of non-manufacturing businesses decreased to 53.3 in June from 54.6 a month earlier. A reading above 50 signals expansion.
The measure was projected to drop to 53.7, according to the median forecast in a Bloomberg News survey. Estimates from 71 economists surveyed ranged from 51.2 to 56. The Tempe, Arizona- based group’s index averaged 56.1 in the five years to December 2007, when the last recession began.
The ISM services survey covers industries ranging from utilities and retailing to health care and finance. The report follows the group’s July 1 figures that showed manufacturing accelerated in June, supporting the Federal Reserve’s forecast that the economy will improve in the second half of 2011.
To contact the reporter on this story: Alex Kowalski in Washington at akowalski13@bloomberg.net
To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net
