Modest miss for June PMI

• June U.S. PMI Composite (Final): 63.7 vs. 64.0 consensus and 68.7 prior.
• The overall upturn eased following slower output expansions across both the manufacturing and service sectors. Nonetheless, the rate of growth in activity was substantial and the second-fastest on record.
• Services PMI: 64.6 vs. 64.9 consensus and 70.4 prior.
• The latest expansion in output was the third-fastest since data collection began in October 2009, only slower than recent upturns in May and April, respectively.
• “June saw another month of impressive output growth across the manufacturing and services sectors of the US economy, rounding off the strongest quarterly expansion since data were first available in 2009," said Chris Williamson, Chief Business Economist.