Markit services and composite indices for June (final).
- Services PMI 51.5 vs 50.7 estimate and 50.7 previously reported
- Composite PMI vs 51.5 vs 50.6 preliminary
- services index was 56.5 a year ago
- business expectations falls to 58.7 versus 59.2 in May. Lowest reading since June 2016
- prices charged rises to the highest level since March 2019
- employment falls to 52.1 versus 52.4 in May for the composite index. Lowest reading since April 2017
- new export orders for services group fell for the 5th successive month in June
- anecdotal evidence suggests that prices rose due to greater wage costs, but firms were able to pass on higher prices to clients at the fastest pace since March
- business expectations fell to the 2nd lowest point in close to 10 years
Demand remains weak. However, the activity remained above the 50.0 level and is higher than the three-year lows seen in May.
According to the survey respondents responses, the trade wars and geopolitical concerns top the list of companies worries about the year ahead, alongside forecasts of slower economic growth.
The Markit services purchasing managers index is based on a survey of over 400 companies
The ISM nonmanufacturing index for June will be released at the top of the hour with expectations at 56.0 vs 56.9 in May.
