In a report on Monday the Purchasing Managers’ Index for the U.S. manufacturing sector slipped. For June the index moved down to 51.7 from 52.1 in May. That still signals expansion–anything over 50 denotes expansion, anything under 50 signals contraction–but manufacturing activity continues to slide.
Today the Purchasing Managers’ Index for services–the bulk of U.S. economic activity–also slipped, dropping to 55.1 for June from 56.9 in May. (Economists surveyed by Briefing.com had projected  slip to 55.8.)
Services remains relatively strong, when compared to manufacturing, but the trend while not disturbingly steep does point downward. The June reading is the lowest level in the index since July 2017.
Two subindexes also registered a slide. The New Orders index fell to 55.8 for June from 58.6 in May. The Prices Index rose to 58.9 in June from 55.4 in May.
Today’s a short day for New York market ahead of the Fourth of July holiday and the markets are shut completely tomorrow.
But Friday brings the jobs report for June. Economists are expecting a rebound for the month to 160,000 net new jobs after a dip in May to just 75,000.
