U.S. Services Sector Slows in June Amid Cooling Demand and L

U.S. Services Sector Slows in June Amid Cooling Demand and Labor Shortages — ISM


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Dow Jones
By Xavier Fontdegloria
Activity in the U.S. service sector continued to grow at a high pace in June, but the growth rate eased compared with the previous month as demand slowed and firms struggled to find candidates to fill open positions.
The ISM Services Report on Business PMI decreased to 60.1 in June from the 64.0 record-high registered in May, according to data from a survey compiled by the Institute for Supply Management released Tuesday.
Economists polled by The Wall Street Journal forecast the PMI to come in at 63.3.
"The rate of expansion in the services sector remains strong, despite the slight pullback in the rate of growth from the previous month's all-time high," said Anthony Nieves, chair of the ISM Services Business Survey Committee.

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