US Services Activity Contracts at Fastest Pace in Four Years
- ISM index of services slumped 5 points in June to 48.8
- Measure of business activity also weakest since May 2020
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The US services sector contracted in June at the fastest pace in four years due to a sharp pullback in business activity and declining orders.
The Institute for Supply Management’s composite gauge of services slumped 5 points to 48.8. Readings below 50 indicate contraction, and the June figure was far weaker than all forecasts in a Bloomberg survey of economists.