More evidence of a slowing US economy:
US services activity contracted in June at the fastest pace since the 2020 pandemic.
The ISM services PMI index fell by 5 points to 48.8, missing expectations of 52.5 points.
This was primarily driven by an 11.6 point decline in the business activity index to its lowest since level April 2020.
In the past 30 years, such a service activity drop happened only during recessions.
Furthermore, new orders shrunk for the first time since 2022.
Data is getting weaker.
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