He ISM Services PMI Index (Institute for Supply Management) has plummeted five points in June, falling to 48.8 from 53.8 in May, and reaching its lowest level since May 2020in the midst of the first wave of the Covid pandemic. The figure disappoints market expectations, which had expected a slight decline to 52.5.
The ISM’s employment component fell one point to 46.1 from 47.1 previously, while the prices paid index fell to 53.6 from 58.1, its lowest reading in three months.
Finally, the New orders component has plunged to 47.3 from 54.1, entering contraction territory for the first time since December 2022.
Dollar reaction
He Dollar Index (DXY) has suffered a sharp drop with the dataplunging to 105.16, its lowest level in two weeks. At the time of writing, the greenback is trading above 105.16, losing 0.51% on the day.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
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