The ISM Services Index fell to a reading of 60.1% in June, still firmly in expansion territory and just 3.9% below its record high from the month before. While the service sector remains strong, inflation continues to be a primary concern.
The “Prices Paid” Index for the service sector remains near the highest level in its history, which is proving to be a challenge for many businesses. The Institute for Supply Management highlighted the issue in this month’s report by stating, “Challenges with materials shortages, inflation, logistics and employment resources continue to be an impediment to business conditions.”
