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🇺🇸Cable FX Macro Weekly Note: June ISM Svcs PMI

**As seen in Risk In The Week report 07/01/2022, subscribe at cablefxm.co.uk/reports


The U.S. services gauge fell to 55.9 from the previous 57.1, this missed expectations of 56.5. Prices paid eased to 82.1 from 84.6, the employment index rebounded from contraction to 50.2, new orders increased to 57.6. Meanwhile, the largest decline was seen in backlog orders as they fell 7.4 points to 52.0, business activity dropped 4.6 points to 54.5. The survey showed 78% of industries reporting growth, while 100% of them noted higher prices, growth in employment fell to the lowest in three months at 50%. As a reminder, the U.S. S&P Global Svcs PMI for June fell to 51.6 from the previous 53.4, expectations for the ISM see the services sector expanding but at a slower pace. The desk at Wells Fargo Securities says they expect services consumption to hold well during the summer as pent-up demand for activities delayed during the pandemic remains strong, they noted the 0.3% rise in real consumer spending on services in May.


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