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Service firms show slower growth in June

July 6, 2011 at 10:37 AM

TEMPE, Ariz., July 6 (UPI) -- Business activity in U.S. service industries grew in June for the 19th consecutive month, the Institute for Supply Management said Wednesday.

The headline index for service businesses across the country showed slower growth than a month earlier with a reading of 53.3, compared to 54.6 in May.

Readings above 50 indicate growth and the index has stayed above 50 for more than one and a half years.

The new orders index for non-manufacturing businesses slipped from 56.8 to 53.6, also showing slower growth. The productivity index, however, was relatively flat, falling slightly from 53.6 to 53.4.

The employment index gained 0.1 points, rising from 54 to 54.1. The prices index dropped 8.7 percentage points, falling from 69.6 to 60.9.

In the month, 15 of 18 service industries tracked in the report showed growth, led by real estate, transportation and warehousing and wholesale trade.

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