Somewhat overshadowed by the release of June non-farm payrolls, the ISM Non-Manufacturing Index came out slightly weaker than expected

Jay Soloff

Argonath Financial

Somewhat overshadowed by the release of June non-farm payrolls, the ISM Non-Manufacturing Index came out slightly weaker than expected. The June Services report dropped to 56 from 56.3 a month ago (while analysts had also projected the index to remain unchanged). The drop in ISM Services, while minor, was enough to keep a lid on concerns of an early interest rate hike after the huge payrolls beat. Meanwhile, it's the 53rd consecutive month ISM Services has shown a gain. The biggest bump came from the Employment Index, which rose 2% from May. New Orders came in a little higher than last month, while Business Activity dropped nearly 5%. All 14 reporting industries experienced growth in June. (VIEW LINK)


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Argonath Financial

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