(Tiper Stock Exchange) – The service sector in the United States continues to grow solidly in June 2023. The final services PMI index, elaborated by S&P Global, reaches 54.4 points from 54.9 of the previous month, exceeding the 54.1 points of the preliminary estimate and expected by analysts.
The index, which represents a survey of purchasing managers of companies active in the tertiary sector, nonetheless shows a strong growth rate and remains above the theshold of the 50 points, which acts as a watershed with the expansion phase.
On good levels thecomposite indexwhich also takes into account the change in the manufacturing PMI, which stands at 53.2 points, above the 53 points of the consensus, compared to 54.3 points the previous month.
“June saw an encouraging resilience of the US services economywhich helped offset a renewed contraction in manufacturing output to ensure the overall pace of economic growth remained encouragingly robust,” he commented. Chris WilliamsonChief Business Economist, S&P Global Market Intelligence – Surveys point to GDP growth of just under 2% for the second quarter as a whole, albeit with June seeing some loss of momentum.”
“There demand for services remained surprisingly buoyant facing headwinds from rising cost of living and higher interest rates, with spending still buoyed by a post-pandemic tailwind for consumer spending in particular – he added – Higher interest rates and recent market gains are also increasing the demand for some financial services”.