United States service firms grew at a slightly faster pace in June, as business activity and new orders increased. The Institute for Supply Management said on Monday that its services index edged up to 56 in June, from 55.7 in May. Any reading over 50 indicates that services firms are expanding. Steady hiring over the last year has fueled a consumer spending rebound from a winter slump. Still, the index’s hiring component slipped in June to 52.7, from 55.3 in May, which indicated that the rate of job growth might slow. Business activity climbed last month to 61.5, up from 59.5. The levels for new orders ticked up to 58.3, from 57.9 in May.
Source: NY Times
