U.S. services-sector momentum eased in June 2026, with the ISM Non-Manufacturing Business Activity index declining to 55.4 from 57.7 in May. The latest reading, updated on 6 July 2026, still signals expansion in the non-manufacturing economy but points to a moderation in growth compared with the previous month.
The step down from May’s 57.7 suggests that while demand in services remains resilient, the pace of activity is slowing. Investors and policymakers will likely interpret the June figure as a sign that the services side of the U.S. economy is cooling but not contracting, potentially tempering expectations for aggressive shifts in economic policy or corporate earnings trajectories in the near term.
