US: ISM non-manufacturing to print 57.0 for June - Nomura

Analysts at Nomura forecast 57.0 for the June print of the US ISM nonmanufacturing index (Consensus: 56.5), unchanged from the reading in May.

Key Quotes

“Although slowing sales in bricks and mortar stores led to weak employment in the retail sector, business activity in other industries in the non-manufacturing sector remained firm. The mining sector has improved its industrial output in recent months, boosted by increased drilling activity. Construction sector activity has remained healthy, although rising building material costs and scarcity of skilled labor are causing increased concerns. Anecdotal evidence also suggests a healthy business outlook for professional and technical services. Incorporating this information, the overall sentiment in the non-manufacturing sector likely held up in June.”