U.S. economy poised for big second quarter, IHS flash Markit PMIs show
An index that tracks U.S. manufacturers and a gauge for service-oriented companies both tapered off slightly in June but still showed the U.S. economy expanding at a strong pace, according to IHS Markit's flash PMIs. The manufacturing index slipped to a seven-month low of 54.6 from 56.5. The services barometer dropped to a two-month low of 56.5 from 56.8. Any number over 50 signifies expansion, and results above 55 are considered exceptional. "The flash PMI surveys add to evidence that the U.S. economy is enjoying a strong second quarter. Despite growth cooling slightly in June, the latest numbers round off the best quarter for three years, and suggest economic growth has lifted markedly higher than the 2.3% rate of expansion seen in the first quarter to well over 3%," said Chris Williamson, chief business economist at IHS Markit.