The US ISM Services PMI reached 54 in June, marking 24 consecutive months of expansion.

Golden Ten Data reported on July 6 that the US ISM Services PMI report shows that economic activity in the services sector continued to expand in June. The Services PMI recorded 54, remaining in expansion territory for the 24th consecutive month. ISM Services Business Survey Committee Chair Miller said: The Services PMI for June registered at 54, down 0.5 from May's 54.5. The Business Activity Index remains in the expansion range, but fell by 2.3 to 55.4 compared to May's 57.7. The Price Index dropped to 67.7 in June, down 3.6 from May's 71.3, falling below 70 for the first time since February. This index has been above 60 for 19 consecutive months, and the 12-month average is 68. Diesel, gasoline, oil, and related products were once again cited as the items with the highest price increases in June, but some respondents also noted price declines. This may be due to varying contract terms for these items among different companies. Some respondents reported paying lower prices for gasoline and diesel, but this is not a universal phenomenon. We expect this situation to persist for several months as rising oil prices feed through supply chains, but barring any disruption to recent oil transport progress through the Strait of Hormuz, there should be some relief by autumn.