FYI: After some weak data to start out the week, today’s ISM Non-Manufacturing report for June provided a welcome surprise. While economists were forecasting the headline index to post a modest increase to 53.3 from last month’s level of 52.9, the actual reading came in at a much better than expected 56.5. That was the best reading for the index in 2016 and the biggest beat relative to expectations since the release of the July report last August. This month’s increase was also the largest m/m jump in the ISM Services Index since February 2008. On a combined basis and accounting for each sector’s weight in the overall economy, the combined ISM for June rose to 56.1 from 52.7. That was the largest m/m increase in the combined reading since April 2009.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/new-high-for-the-year-in-ism-services/
