US Services Activity Increases in June

The final reading for activity in the U.S. services sector hit its highest in 4-1/2 years, pushed higher by increasing new business activity and hiring, a survey showed on Thursday.
Financial data firm Markit said its final services Purchasing Managers Index hit 61.0 in June, the highest final reading since the survey began in October 2009, compared with May’s final reading of 58.1. It was slightly lower than the 61.2 preliminary print.

A reading above 50 signals expansion in economic activity.

The services sector added employees at the fastest rate on record with the employment index coming in at 56.1, higher than the 55.4 preliminary reading. Last month’s final read came in at 52.8.

The new orders subcomponent also hit its highest on record.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza