US service sector grows, albeit slightly slower in June

SILVER SPRING, Md. (AP) — Growth in the services sector, where most Americans work, slowed in June following record expansion in May. The Institute for Supply Management said Tuesday that its monthly survey of service industries retreated to a reading of 60.1, following a all-time high reading of 64 in May. Any reading above 50 indicates the sector is expanding. It’s the 13th straight month of expansion in the services sector following a two-month contraction in April and May of last year. The employment index fell into contraction territory with a reading of 49.3, suggesting many companies are still struggling to hire enough workers.