Today, the Institute for Supply Management released their latest Non-Manufacturing Report on Business indicating that service related economic activity continued to pull back a bit throughout June.
At 53.4 the business activity index weakened for the fourth consecutive month dropping 0.37% since May and sliding 6.64% below the level seen a year earlier.
Like the ISM Manufacturing index released earlier this month, the non-manufacturing sector respondents are raising some concern over sluggish growth:
"Business is still up, although some softening seen over last month." (Wholesale Trade)
"Orders are remaining steady, and outlook for this year is positive." (Professional, Scientific & Technical Services)
"Economic activity continues to be sluggish." (Management of Companies & Support Services)
"Have yet to see a real spark that ignites new and invigorated business — still seems lethargic and mired in recession-related preventative moves, and no one sees a real improvement ahead." (Public Administration)
"Commodities coming down in price, which should help stabilize inflation." (Retail Trade)