The Institute for Supply Management’s Non-Manufacturing Index rebounded more sharply than expected in June, increasing to 57.1 and easily beating the consensus 50.2 forecast as service sector activity picked up last month:
Also last week, the Bureau of Labor Statistics released the Producer Price Indexes for June 2020.
- Final demand index decreased 0.2 percent in June 2020 on a seasonally adjusted basis (SA) and is down 0.8 percent on a not seasonally adjusted basis (NSA) from a year ago, May 2019.
- The final demand goods index rose 0.2 percent (SA) in June 2020, following May’s 1.6 percent increase which was the largest increase since the index began in November 2009.
- The final demand services index decreased 0.3 percent (SA) in June 2020.
- The final demand less foods, energy, and trade service increased 0.3 percent (SA) in June 2020 its second consecutive month of increases.
- Recyclable plastics index was down 10.7 percent in June 2020 (NSA), the second largest monthly decline since the inception of the index December 2011.
- Copper base scrap increased 10.3 percent in June 2020, its second consecutive monthly increase.