ISM Services PMI sees sequential decline but remains on strong growth path

The report’s key indicator—the Services PMI (formerly the Non-Manufacturing PMI)—slipped 1.2%, to 56.9, in August July (a reading of 50 or higher indicates growth is occurring). This came on the heels of a 1% gain to 58.1, in July and an 11.1% gain, to 57.1, in June, which halted a two-month stretch of declines, and was preceded by 122 consecutive months of expansion. ISM noted that June marked the largest single-month percentage increase, for the NMI, going back to its inception in 1997.
Source: logistics Mgmt