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U.S. June ISM nonmanufacturing index 59.5% vs. 65.2%
WASHINGTON (CBS.MW) -- The nonmanufacturing sectors of the U.S. economy grew at a robust pace in June, but slower than in May, the Institute for Supply Management reported Tuesday.
The ISM nonmanufacturing index fell to 59.9 percent from 65.2 percent in May.
The index had been above 60 percent for five straight months and has been above 50 percent for 14 months.
Readings over 50 percent indicate expansion.
Economists were expecting a slight drop to about 63.5 percent in June.
The new orders index rose to 64.2 percent from 61.3 percent.
The employment index rose to 57.4 percent from 56.3 percent.
The prices paid index rose to 76.6 percent from 74.4 percent.
Thirteen industries were expanding, three were steady and one -- wholesale trade -- contracted.
WASHINGTON (CBS.MW) -- The nonmanufacturing sectors of the U.S. economy grew at a robust pace in June, but slower than in May, the Institute for Supply Management reported Tuesday.
The ISM nonmanufacturing index fell to 59.9 percent from 65.2 percent in May.
The index had been above 60 percent for five straight months and has been above 50 percent for 14 months.
Readings over 50 percent indicate expansion.
Economists were expecting a slight drop to about 63.5 percent in June.
The new orders index rose to 64.2 percent from 61.3 percent.
The employment index rose to 57.4 percent from 56.3 percent.
The prices paid index rose to 76.6 percent from 74.4 percent.
Thirteen industries were expanding, three were steady and one -- wholesale trade -- contracted.
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ECONOMIC REPORT: June layoffs fall to 12-month low
By Rex Nutting, CBS.MarketWatch.com
Last Update: 10:01 AM ET July 6, 2004
WASHINGTON (CBS.MW) - Layoff announcements by U.S. corporations fell about 12 percent to 64,343 in June, the lowest level since last June, according to global outplacement firm Challenger Gray & Christmas.
Layoff announcements in the second quarter fell 20 percent to 209,895, the lowest since the third quarter of 2000, according to the monthly tally released Tuesday by Challenger.
The data are not seasonally adjusted. Layoffs generally are in a lull in the second quarter, before picking up at the end of the year.
"The decline in June job cuts is good news, but it would not be surprising to see a rise in monthly job-cut announcements during the second half of the year," said John Challenger, chief executive of the firm. "Historically, the second quarter is the slowest period for downsizing, followed by the July to September quarter."
Meanwhile, plans by corporations to hire workers fell 31 percent in June to 38,377. Challenger began tracking hiring announcements in May.
The Challenger survey tracks official announcements by companies to add or reduce jobs. Actual reductions or hiring can take place immediately or over time. Reductions can be accomplished by layoffs or by voluntary terminations, such as retirements.
Most job reductions or additions are never announced in a press release, and most small businesses are not included in the survey.
Through the first six months of the year, the financial services industry had cut the most jobs with 54,332, followed by industrial goods with 49,481.
By Rex Nutting, CBS.MarketWatch.com
Last Update: 10:01 AM ET July 6, 2004
WASHINGTON (CBS.MW) - Layoff announcements by U.S. corporations fell about 12 percent to 64,343 in June, the lowest level since last June, according to global outplacement firm Challenger Gray & Christmas.
Layoff announcements in the second quarter fell 20 percent to 209,895, the lowest since the third quarter of 2000, according to the monthly tally released Tuesday by Challenger.
The data are not seasonally adjusted. Layoffs generally are in a lull in the second quarter, before picking up at the end of the year.
"The decline in June job cuts is good news, but it would not be surprising to see a rise in monthly job-cut announcements during the second half of the year," said John Challenger, chief executive of the firm. "Historically, the second quarter is the slowest period for downsizing, followed by the July to September quarter."
Meanwhile, plans by corporations to hire workers fell 31 percent in June to 38,377. Challenger began tracking hiring announcements in May.
The Challenger survey tracks official announcements by companies to add or reduce jobs. Actual reductions or hiring can take place immediately or over time. Reductions can be accomplished by layoffs or by voluntary terminations, such as retirements.
Most job reductions or additions are never announced in a press release, and most small businesses are not included in the survey.
Through the first six months of the year, the financial services industry had cut the most jobs with 54,332, followed by industrial goods with 49,481.
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10:01am 07/06/04 U.S. JUNE ISM NEW ORDERS 62.4% VS. 63.1%
10:00am 07/06/04 U.S. JUNE CHALLENGER LAYOFFS DOWN 12% TO 64,343
10:00am 07/06/04 U.S. LAYOFFS AT 12-MONTH LOW IN JUNE: CHALLENGER
10:00am 07/06/04 U.S. JUNE ISM SERVICES INDEX 59.9% VS. 65.2%
10:00am 07/06/04 U.S. JUNE CHALLENGER LAYOFFS DOWN 12% TO 64,343
10:00am 07/06/04 U.S. LAYOFFS AT 12-MONTH LOW IN JUNE: CHALLENGER
10:00am 07/06/04 U.S. JUNE ISM SERVICES INDEX 59.9% VS. 65.2%
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