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7/6, 3:48 PM (Source: TeleTrader)
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S&P: US services sector sees slower growth in June

The services sector activity across the United States decelerated expansion in June compared to the previous month, with the PMI business activity index dropping to 52.7 points.

While the business confidence outlook plunged to a 21-month low, employment in the US continued to increase. New orders declined for the first time since July 2020, with businesses seeing a sharp rise in input costs during June. In the same month, the composite output index also fell to 52.3 points.

"While the survey data point to a stalling of GDP at the end of the second quarter, a downshifting in the forward-looking new orders index and drop in companies' future output expectations hints at falling," noted Chris Williamson, a chief economist at S&P Global Market Intelligence.

Baha Breaking News (BBN) / ND