Independent Strategy

Tags: ISM

June ISM non-manufacturing index recorded a further decline and while the Final Markit Services PMI was revised up a little, the overall story remains brittle.  The ISM non-manufacturing report showed declines in the rate of activity, output and new orders with only export orders showing stability.

The US April manufacturing PMIs are all now in following today’s ISM release and the picture looks pretty bleak with a big slide from what had looked to be a healthier March release.  There was a notable deteriorating in the orders side with export orders sub 50.0 for the first time since the 2015/16 China slowdown.

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