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6/23, 3:45 PM (Source: TeleTrader)
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US Composite PMI down to 63.9 in June

The private sector activity in the United States was slightly down in June, with the Flash Composite Output Purchasing Manager's Index reaching 63.9, according to a preliminary report published by IHS Markit on Wednesday. This marks a decrease of 4.8 points compared to the previous month.

The Services Business Activity Index declined from 70.4 to 64.8, well below market expectations, while the Manufacturing PMI beat those same expectations rising to 62.6, as supply strives to catch up to demand in the wake of the economy reopening. At the same time, the Manufacturing Output Index lost 0.4 points to reach a two-month low at 59.2.

Chris Williamson, Chief Business Economist at IHS Markit, commented on the report: "The early PMI indicators point to further impressive growth of the US economy in June. While both output growth and inflows of new orders have come off their peaks in both manufacturing and services, this is as much due to capacity constraints limiting firms’ abilities to cope with demand rather than any cooling of the economy."

Breaking the News / OL