Survey: US services sector expands again in June but at slightly slower pace

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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.