Survey: US service firms expand at a slower pace in June from May but add more jobs
{{#rendered}} {{/rendered}}U.S. services firms grew at a slower pace in June from May but added more jobs. The report is mixed sign for a sector that employs 90 percent of the workforce.
The Institute for Supply Management says its index of service-sector growth fell in June to 52.2. That's down from 53.7 in May and the lowest reading in more than three years. Any reading above 50 indicates expansion.
Still, a measure of employment jumped to 54.7 from 50.1 in May. That suggests service firms hired more briskly.
{{#rendered}} {{/rendered}}The survey measures growth at businesses that cover most of the job market. They range from construction companies and health care firms to retail businesses and restaurants.