US services sector expands at slower pace in June

Shoppers at Fair Oaks Mall in suburban Washington take advantage of steep post-Christmas discounts at many retailers on December 26, 2008 in Fairfax, Virginia. (Brendan Hoffman, Getty Images)
Shoppers at Fair Oaks Mall in suburban Washington take advantage of steep post-Christmas discounts at many retailers on December 26, 2008 in Fairfax, Virginia. (Brendan Hoffman, Getty Images)
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Updated: 7/03 7:34 am

WASHINGTON (AP) — U.S. services firms expanded again last month but at a slightly slower pace than they did in May. Orders and hiring grew faster in June.

The Institute for Supply Management said that its service-sector index slipped to 56 last month, down from May's 56.3 reading. Any figure above 50 indicates expansion, however.

The ISM is a trade group of purchasing managers.

The services survey covers businesses that employ 90 percent of the workforce, including retail, construction, health care and financial services firms.

The services index bounced back after sliding to the lowest level in four years in February in the midst of a bitter winter that caused restaurants and stores to close across the country.

 

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