US Markit services PMI beats estimates

Markit Economics’ final services purchasing manager’s index (PMI) was 51.4 in June.

It was expected to be unchanged from the advance reading of 51.3.

It showed that jobs growth slowed to a 17-month low, as the overall sector grew at a marginal pace.

The headline index was above 50, indicating that the services sector, which accounts for two-thirds of economic activity, remained in expansionary territory.

This is one of two readings on the services sector out Wednesday. At 10 a.m. ET, the Institute of Supply Management will release its non-manufacturing PMI, which is forecast at 53.3, up from 52.9 in May.

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