The Institute for Supply Management Services Index showed continued expansion in the nation’s largest economic sector.
The Institute for Supply Management (ISM) Services Index came in at 54.0 in June, slightly below May’s reading of 54.5 and just under economists’ expectations.
Any reading above 50 indicates expansion, meaning the U.S. service economy continued to grow for another month.
Industries reporting growth included:
- Finance and Insurance
- Professional and Business Services
- Real Estate, Rental and Leasing
- Information
- Health Care and Social Assistance
- Accommodation and Food Services
- Arts, Entertainment and Recreation
- Utilities
The report suggests that the service sector—which accounts for the majority of U.S. economic activity—remains resilient despite concerns about slowing job growth and ongoing economic uncertainty.
While growth slowed slightly compared with May, businesses continue to report expansion across a broad range of industries.
For consumers, this means that many of the industries Americans interact with every day—from banking and housing to restaurants and healthcare—continue to show signs of economic growth.
Reporter Rambo’s takeaway:
The service economy is still growing. Just not quite as fast as it was a month ago.
Willie and I appreciate every reader.
— Reporter Rambo 🐾