June ISM non-manufacturing PMI 54, roughly unchanged and still in expansion,
indicating US services remain the economy’s primary support. Subcomponents:
prices index fell to 67.7, a marked retreat that signals cooling service-side
cost and pricing pressures; new orders 55.1, down slightly but still
expansionary; employment 51.2, back in expansion, implying no broad layoffs.
Market takeaway: this profile implies a marginal easing of inflation
persistence—especially services inflation—while the economy remains resilient
but closer to moderate, not accelerating, expansion.
