2018 Economic Calendar
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PMI Services Index  
Released On 7/5/2018 9:45:00 AM For Jun, 2018
PriorConsensusConsensus RangeActual
Level56.8 56.5 56.5  to 56.5 56.5 

Highlights
The services PMI ended June at the mid-month flash reading, at 56.5 for a small 3 tenth dip from May to signal very solid growth for the bulk of the U.S. economy. New orders remain strong but did slow slightly in June while backlogs are at 3-year high.

Cost inflation continues to rise at a 5-year high which the report attributes to supplier shortages and recently introduced tariffs as well as a hike for fuel. At least some of this pressure is being passed through to customers as selling prices rose at one of the fastest rates over the last 2 years. And in a positive signal for tomorrow's employment report, hiring in the services sample during June was the second fastest in 3 years.

This report has been running a little less hot than the ISM non-manufacturing survey which tracks not only services but mining and construction as well. The ISM report follows at 10:00 a.m. ET this morning. Note these results together with last week's manufacturing PMI, which came in at 56.8, make for a modest dip in the PMI composite to 56.2 vs 56.6 in May.

Consensus Outlook
PMI services moved higher in the flash report for June on strength in both new orders and employment as well, however, as a 5-year high for input costs. The index is expected to hold at the 56.5 flash reading.

Definition
US Services Purchasing Managers' Index (PMI) is based on monthly questionnaire surveys collected from over 400 U.S. companies which provide a leading indication of what is happening in the private sector services economy. It is seasonally adjusted and is calculated from seven components, including New Business, Employment and Business Expectations.  Why Investors Care
 

2018 Release Schedule
Released On: 1/42/53/54/45/36/57/58/39/610/311/512/5
Release For: DecJanFebMarAprMayJunJulAugSepOctNov
 


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