The U.S. service sector grew in July for the 78th consecutive month but at a slower pace than in June, an industry survey showed Wednesday.
[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]T[/dropcap]he Non-Manufacturing Index (NMI), which measures activity in the U.S. service sector, registered 55.5 percent in July, down 1 point from June’s reading, the Institute for Supply Management (ISM) said in its monthly report.
The NMI report covers all sectors outside of manufacturing. A reading above 50 percent indicates expansion of the service sector.
The New Orders Index, a signal of future business, went up 0.4 points to 60.3. The Employment Index decreased 1.3 points to 51.4, and the Business Activity Index edged down 0.2 points to 59.3 in July.
Fifteen non-manufacturing industries tracked by the ISM reported growth, while only three industries reported contraction in the month.
The report showed that respondents expected their business to maintain stable growth in the future and held a positive outlook on the economy.
Notes: Xinhua-(This story has not been edited by PGurus.com and is generated from a syndicated feed we subscribe to)
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