Wall Street Journal (07/06/15) Kathleen Madigan
Respondents to the latest Institute for Supply Management nonmanufacturing survey were generally positive about the economy. The ISM’s nonmanufacturing purchasing managers index rose to 56.0 in June from 55.7 in May. Forecasters polled by the Wall Street Journal had forecast that the June PMI would increase to 56.3. Readings above 50 point to expansion.
The ISM employment index contracted to 52.7 from 55.3, but “hiring typically slows in the summer” for many nonmanufacturing companies, says Anthony Nieves, who oversees the survey for the ISM.