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U.S. services industry growth slowed

U.S. services industry growth slowed | 06 June 2022

06 June 2022, GBP/USD

U.S. services industry growth slowed

GBPUSD trading plan:

U.S. services industry growth slowed for a second straight month in May, but businesses reported strong gains in new domestic and export orders, a survey showed. A reading above 50 indicates expansion in the services sector, which accounts for more than two-thirds of U.S. economic activity. The ISM's measure of new orders received by services businesses rebounded to a reading of 57.6 last month from 54.6 in April. Spending is shifting back to services from goods. Businesses also reported an increase in export orders. The ISM survey's measure of supplier deliveries fell to 61.3 from 65.1 in April. A reading above 50% indicates slower deliveries. Services inflation continued to run high. A measure of prices paid by services industries for inputs slipped to a still-high reading of 82.1 from 84.6 in April.

Investment idea: range 1.2530 - 1.2610.

David Johnson
Analyst of «FreshForex» company
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