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US services companies grow more slowly in June

Posted July 03, 2019 7:00 am

By PAUL WISEMAN

WASHINGTON (AP) - 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.

In this June 28, 2019, photo construction workers carry material down a staircase while working on a new mixed-use development featuring apartments and retail space along the BeltLine, a former railroad corridor converted into parks and trails, in Atlanta. On Wednesday, July 3, the Institute for Supply Management, a trade group of purchasing managers, issues its index of non-manufacturing activity for June. (AP Photo/David Goldman) The Associated Press

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