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US service sector growth picks up pace

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US service sector growth picks up pace

ISM indices indicate continued strength.

Economic activity in the service sector grew again in June, and at a faster pace, according to a closely-watched monthly barometer from the Institute of Supply Management.

The Non-Manufacturing Index came in at 56% in June, 0.3 percentage point higher than the May reading of 55.7%, which reflects continued growth in the non-manufacturing sector at a slightly faster rate.

“The majority of respondents' comments are positive about business conditions and the economy."

The Non-Manufacturing Business Activity Index increased to 61.5%, 2 percentage points higher than the May reading of 59.5%, also reflecting a faster growth rate.

The New Orders Index also showed growth in June, registering 58.3%, 0.4 percentage point higher than the reading of 57.9% in May.

Somewhat surprisingly, the Employment Index decreased 2.6 percentage points to 52.7% from May, but still indicates growth for the 16th consecutive month.

Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee, noted that “the majority of respondents' comments are positive about business conditions and the economy."

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