Service industries expanded in June

July 3, 2013 at 12:54 PM

TEMPE, Ariz., July 3 (UPI) -- The U.S. service business sector expanded for the 42nd consecutive month in June, the Institute for Supply Management said Wednesday.

The Purchasing Managers Index for non-manufacturing businesses slipped from 53.7 to 52.2, indicating the rate of expansion slowed in the month, yet still grew, as numbers above 50 indicate expansion, while below 50 indicates contraction.

Slower expansion was also seen in the indexes for new orders and supplier deliveries, while new export orders fell into a contraction at 47.5, the institute said.

But indexes measuring the number of employees, inventories, backlogs of orders and prices all expanded, showing faster growth.

The institute said 14 of 18 service-oriented industries showed growth in the quarter. The fasted growth was noted by management of companies in arts, entertainment and recreation, as well as transportation and warehousing.

Mining, education, healthcare and social assistance and other services contracted in June.

Related UPI Stories
Latest Headlines
Trending Stories
Ted Cruz campaign pulls ad featuring softcore porn actress
Report: Clinton Foundation subpoenaed by State Dept. watchdog over charity projects
Ruby Rose, Gigi Hadid react to Kanye West's lyric about Taylor Swift
Kristen Wiig impersonates Peyton Manning on 'The Tonight Show'
NYC police officer found guilty of manslaughter in Brooklyn stairway shooting