ISM Services index slips more than expected in June

• June ISM Non-Manufacturing Index: 60.1 vs. 63.5 consensus and 64.0 prior.
• The Services PMI is 3.9 percentage points below May's all-time high reading and indicates the 13th straight month of growth for the services sector.
• Business activity 60.4 vs. 66.4 consensus and 66.2 prior.
• Employment 49.3 vs. 55.3 prior.
• New orders 62.1 vs. 63.9 prior.
• Prices 79.5 vs. 80.6 prior.
• "The rate of expansion in the services sector remains strong, despite the slight pullback in the rate of growth from the previous month’s all-time high," said Anthony Nieves, chair of the Institute Supply Management Services Business Survey Committee. "Challenges with materials shortages, inflation, logistics and employment resources continue to be an impediment to business conditions."