Business activity in the U.S. service sector expanded in July at a slower pace than the previous month, the Institute for Supply Management (ISM) reported Friday.
The Tempe, an Arizona-based research group, said its index of business activity in the non-manufacturing sector registered 55.8 in July, down from 60.7 registered in June and below the 59.0 clip expected by analysts.
A reading above 50 indicates expansion, while one below indicates contraction. July was the 52nd consecutive month when the ISM's non-manufacturing business activity index registered above 50.
In July, the employment index declined to 51.7 from 55 in June. The new orders index decreased to 52.8 from 56.9, and the prices index was down to 61.3 from 65.5, both indicating growth at a slower rate than in June.
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 suggested economic growth was moderating, according to analysts.
Economic activity in the U.S. manufacturing sector expanded in July for the sixth consecutive month, while the overall economy grew for the 69th month in a row, the ISM reported Wednesday.
Source: Xinhua
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