U.S. services companies grew at a slower pace in June as the pace of hiring, orders and production decelerated.
The Institute for Supply Management, an association of purchasing managers, says its non-manufacturing index fell to 55.1 from 56.9 in May. Anything above 50 signals growth, though, and the services sector is enjoying a 113-month winning streak.
Sixteen services industries reported growth last month, led by real estate.
Services dominate the American economy, accounting for 84% of private-sector jobs.
Some respondents to the ISM survey expressed concern about heightened trade tensions — though the overall results remained healthy. President Donald Trump has imposed tariffs on $250 billion in Chinese imports as the two countries seek to settle their differences over Beijing’s aggressive trade policies.
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