- Prior was 49.9
- Prices paid: 67.5 vs. 68.7 prior
- New orders: 51.3 vs. 46.7 prior –
- Employment: 47.2 vs 50.7 prior – lowest since March
- Business activity: 54.2 vs. 50.0 prior
- Supplier deliveries: 50.3 vs. 52.5 prior
- Inventories: 52.7 vs. 49.7 prior
- Backlog of orders: 42.4 vs. 43.4 prior
- New export orders: 51.1 vs. 48.5 prior
- Imports: 51.7 vs. 48.2 prior
- Inventory sentiment: 57.1 vs. 62.9 prior
The employment report adds to the puzzle around the real jobs situation in the US as this matches the softness in the ADP report but goes against the stronger non-farm payrolls data. The ISM employment number has only been in positive territory once since February.
Comments in the report:
- “Restaurant sales and traffic remain flat to prior year. Staffing is
adequate for our current needs, and no supply chain concerns this
month.” [Accommodation & Food Services] - “Increased cost from tariffs and the potential for tariffs is
impacting cost increases. Higher cost of high-dollar items like
150-horsepower farm tractors are forcing farmers to delay purchasing or
purchase used equipment. Tension in the Middle East is creating great
concern and uncertainty.” [Agriculture, Forestry, Fishing & Hunting] - “Sales remain stubbornly slow due to affordability issues with
higher mortgage rates and high property values. Residential construction
has embarked on cost-cutting measures through value engineering,
supplier margin reductions and layoffs.” [Construction] - “Prices have gone up from tariff recovery fees — separate line items
— but the supply chain, deliveries and inventories have remained mostly
stable after the initial disruption. Costs continue to increase across
the board, so our goal is to mitigate that.” [Health Care & Social
Assistance] - “General uncertainty around the economy continues to drive increases
in prices. Also, lots of SaaS (software-as-a-service) vendors are using
the AI (artificial intelligence) boom to restructure pricing and
products, resulting in massive increases.” [Information] - “After several slow months, business is starting to increase. New requests are going out to suppliers.” [Other Services]
- “Confidence in a predictable economic environment has eroded to a
point where capital investments are being severely curtailed.”
[Professional, Scientific & Technical Services] - “Business growth is slow. Global economic conditions impacted by
U.S. tariffs are creating significant uncertainty, which is holding
businesses back from making short- to medium-term business decisions.”
[Real Estate, Rental & Leasing] - “Lead times are extending in the past month or two. Seeing
high-single- or low-double-digit percent increases in pricing on metals
related to commodity hardware and products.” [Utilities] - “Business seems to be picking up. Many of the macroeconomic factors
that were concerning look to be playing out in our favor. High interest
rates are still a problem. Supplies are ample for current business
levels.” [Wholesale Trade]
This article was written by Adam Button at www.forexlive.com.
#June #ISM #services #index #expected #Forexlive
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