FXstreet.com (Barcelona) - Economic activity in the US services sector has failed to grow in June, as the PMI declined lower than expected weighed by a sharp increase on prices, according to the latest report by the Institute for Supply Management.
The non-manufacturing PMI has declined to 48.2 in June from 51.7 in May, putting an end to two consecutive months of growth. The non-manufacturing business index has declined to 49.9 points from 53.6 points in May. The new orders index has decreased 5 points to 48.6 points, and the new orders index declined 5 percentage points to 43.8.
Prices have posted in June the largest increase seen since records are taken, rising 7.5 points to 84.5.