US ISM June Services PMI 57.1

[Asia Economy New York=Correspondent Baek Jong-min] The Institute for Supply Management (ISM) announced on the 6th (local time) that the June Services Purchasing Managers' Index (PMI) was 57.1. This greatly exceeded the expert forecast of 50.1.

This indicates that the US service sector, which accounts for two-thirds of the US economy, has entered an expansion phase. Last month's services PMI was 45.4, marking two consecutive months of contraction due to the impact of the COVID-19 pandemic. In April, it was 41.8. A PMI above 50 indicates expansion, while below 50 indicates contraction.

The Markit Composite PMI for June, also released that day, rose sharply to 47.9 from 37 in the previous month. It was also higher than the expected 46.8.