U.S service sector shrinks less than expected in June

A trade group's measure of the health of the U.S. services sector contracted less than expected in June, reaching its highest level in nine months.
JUL 06, 2009
A trade group's measure of the health of the U.S. services sector contracted less than expected in June, reaching its highest level in nine months. The Institute for Supply Management's services index read 47 in June, up from 44 in May. Economists polled by Thomson Reuters had expected a reading of 45.5 last month. Any reading below 50 indicates the services sector is shrinking, and June marked the ninth straight month of deterioration. But it was the best showing since September when the index was at 50. Service industries such as retailers, financial services, transportation and health care make up about 70 percent of the country's economic activity. Any turnaround in the sector requires improved consumer spending.

Latest News

Modera, Simplicity announce new acquisitions in busy day for industry M&A
Modera, Simplicity announce new acquisitions in busy day for industry M&A

Two RIAs expand their geographic footprints with deals in New York's Capital Region and coastal Alabama.

Advisor moves: Ameriprise, Prospera, Raymond James land teams with $920M in assets
Advisor moves: Ameriprise, Prospera, Raymond James land teams with $920M in assets

A 27-year Merrill veteran, Florida advisors, and a trio of New Jersey advisors just moved to new platforms.

LPL Research launches 17 model portfolios, hitting $100B in AUM
LPL Research launches 17 model portfolios, hitting $100B in AUM

Broker-dealer expands its model portfolio platform with modular building block strategies designed to give advisors greater customization at scale.

Wealth Enhancement adds $592M Chicago-area RIA
Wealth Enhancement adds $592M Chicago-area RIA

The mega-RIA with roughly $160 billion in client assets remains firmly in acquisition mode amid rumors of private equity giants vying to scoop it up.

Annuity sales hit a record as war and Fed jitters redraw fixed income
Annuity sales hit a record as war and Fed jitters redraw fixed income

Record annuity demand for principal protection collides with the most hawkish Fed dissent since 2016.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income