July 2022 ISM® Report On Business®: Services

In June, the Services PMI® registered 55.3 percent, a 0.6-percentage point decrease compared to the May reading of 55.9 percent. The 12-month average is 60.8 percent, reflecting consistently strong growth in the services sector, which has expanded for 25 consecutive months. The June reading, however, set a 12-month low for a second consecutive month and is the lowest since May 2020, when the index registered 45.2 percent. A reading above 50 percent indicates the services sector economy is generally expanding; below 50 percent indicates the services sector is generally contracting.