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Analysts at Nomura note that the US ISM non-manufacturing index rose to 59.1 in June, above expectations (Nomura: 58.0, Consensus: 58.3), from 58.6 in May.

Key Quotes

“The business activity index rose 2.6 points to 63.9, and the new orders index rose 2.7 points to 63.2. These indices imply continued expansion in business activity. Respondents’ comments were overall favorable.”

“The employment index remained elevated at 53.6, albeit slightly lower than 54.1 in May, suggesting continued robust hiring activity.”

“Overall, the ISM nonmanufacturing index points to resilient business confidence in June despite trade-related uncertainties. Similar to the ISM manufacturing survey, steady business expansion driven by healthy domestic demand, and elevated optimism appear to have persisted.”