In June, the US non-manufacturing ISM dropped from 54.6 to 53.3, giving back some of the previous month’s gains. This was slightly below the Bloomberg consen-sus, which was looking for a decline to 53.7. The details confirm the worsening in sentiment as new orders (53.6 from 56.8), business activity (53.4 from 53.6), backlog of orders (48.5 from 55.0), supplier deliveries (52.0 from 54.0), inventory change (53.5 from 55.0) and imports (46.5 from 50.5) softened compared to the previous month. Inventory sentiment (58.5 from 55.0) improved in June and employment (54.1 from 54.0) and new export orders (unchanged at 57.0) stayed broadly unchanged from the previous month. Cost pressures eased further in June, with prices paid fal-ling from 69.6 to 60.9. Services sector sentiment in the US weakened again in June after an improvement in May, suggesting that growth remains fragile in the US, but the easing in cost pressures is an encouraging sign, giving service providers somewhat more breathing space in the coming months.