Executives at U.S. service sector firms don’t see any factors that might lead to a recession, according to the latest survey from the Institute for Supply Management.
Anthony Nieves, chair of the services business survey committee at the ISM, said that while executives were concerned about a recession in late 2022 and early 2023, “we just have too much activity right now and low unemployment.”
The ISM services sector purchasing managers survey rose to 53.9% in June, a four-month high.
Read: U.S. service sector strengthens in June
The services sector has been much stronger than manufacturing, which has contracted for eight straight months.
Nieves said he was “a little concerned” about the factory sector and was “hoping that manufacturing picks up.”
In contrast to manufacturing, Nieves said respondents to the ISM services survey were “not giving any feedback” suggesting a potential recession.
