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U.S. service sector grows at faster-than-expected pace in June |
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08:16, July 06, 2007 |
Business activity in the U.S. service sector expanded at a faster-than-expected pace in June, the Institute for Supply Management (ISM) reported Thursday.
The Tempe, Arizona-based research group said its index of business activity in the non-manufacturing sector registered 60.7, the highest point since April 2006.
The reading for June was higher than the 59.7 rate registered in May and the 58.1 clip expected by analysts.
A reading above 50 indicates expansion, while one below indicates contraction. June was the 51st consecutive month when the ISM's non-manufacturing business activity index registered above 50.
Fourteen non-manufacturing industries reported increased activity in June. There are no industries reporting decreased activity from May to June.
In June, the employment index edged up to 55 from 54.9 in May. The new orders index decreased to 56.9, and the prices index declined to 65.5, both indicating growth at a slower rate than in May.
The service sector -- everything from restaurants and hotels to banks and airlines -- represents about 80 percent of economic activity in the United States. The ISM report offered fresh evidence that the U.S. economy may be picking up after a recent slowdown, according to analysts.
Economic activity in the nation's manufacturing sector grew in June at its fastest pace since April 2006, the ISM reported Monday.
Source: Xinhua
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