U.S. service sector grows at solid rate in June, flash PMI index comes in at 56.5

U.S private sector output rebounded in June, supported by a strong pace of service sector growth. The seasonally adjusted IHS Markit Flash Services PMI index dropped slightly to 56.5 from May’s 56.8. This is the second-highest reading since April 2015. Higher levels of service sector activity were underpinned by another marked increase in new work and a strong pace of job creation in June.

But the latest survey also emphasized stronger inflationary pressures. Input costs rose at the most robust pace since September 2013. Service providers widely commented on higher prices for fuel, staff salaries and steel-related items. Greater operating expenses added to the steepest rise in average prices charged by service sector companies for nearly four years in June.

At 17:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was highly bearish at -123.032. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest