US S&P Global Manufacturing PMI holds at 52 in June, Services PMI declines to 53.1

• Business activity in the US private sector continued to expand in June.
• US Dollar Index clings to modest daily gains above 99.

The economic activity in the US’ private sector continued to expand at a healthy pace in June, with the S&P Global Composite Purchasing Managers Index coming in at 52.8 (flash estimate), down slightly from 53 in May.

In the same period, the Manufacturing PMI held steady at 52, while the Services PMI edged lower to 53.1 from 53.7. Both of these prints came in better than analysts’ estimates.

Assessing the survey’s findings, “the June flash PMI data indicated that the US economy continued to grow at the end of the second quarter, but that the outlook remains uncertain while inflationary pressures have risen sharply in the past two months,” said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.

Market reaction

The US Dollar (USD) holds its ground following the PMI data. At the time of press, the USD Index was up 0.35% on the day at 99.10.