Your Economy (No Politics)

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9:45a PMI Composite Final
Composite Index 52.3 actual vs 53.6 prior
Services Index 52.7 actual vs 53.4 prior
Consensus Outlook
The final services PMI for June is expected to hold at the 51.6 flash which would compare with May's final 53.4.
Definition
US Services Purchasing Managers' Index (PMI) is based on monthly questionnaire surveys collected from over 400 U.S. companies which provide a leading indication of what is happening in the private sector services economy. It is seasonally adjusted and is calculated from seven components, including New Business, Employment and Business Expectations.


10:00a ISM Service Index
Index 55.3 actual vs 55.9 prior
Consensus Outlook
At 55.9 in May, the ISM services index slowed to the lowest reading in more than a year. No rebound is expected for June where the consensus is a further dip to 54.8.
Definition
The Institute for Supply Management surveys more than 375 service-providing firms from 16 industries (construction and mining are included). The services composite index has four equally weighted components: business activity (closely related to a production index), new orders, employment, and supplier deliveries (also known as vendor performance). The first three components are seasonally adjusted but the supplier deliveries index does not have statistically significant seasonality and is not adjusted. For the composite index, a reading above 50 percent indicates that the services economy is generally expanding; below 50 percent indicates that it is generally declining. The supplier deliveries component index requires extra explanation: a reading above 50 percent indicates slower deliveries and below 50 percent indicates faster deliveries.


10:00a Job Openings and Labor Turnover Survey
Job Openings 11.254M actual vs 11.681M (rev) prior
Consensus Outlook
Having exceeded expectations the prior four reports, job openings, at 11.400 million in April, hit Econoday's consensus on the nose. May's expectations are a slight dip to 11.250 million.
Definition
The Labor Department's JOLTS report tracks monthly change in job openings and offers rates on hiring and quits. The reporting period lags other employment data including the employment situation report. The word JOLTS stands for Job Openings and Labor Turnover Survey.