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UPDATE:The service industry in the U.S. expanded at the slowest pace since January 2010, new data out of the Institute for Supply Management shows.
The key service sector index declined to 52.1 in June from 53.7 a month earlier.
Twelve industries grew during the month, led by educational services, arts, entertainment, & recreation, management services, and retail. At the same time, five sectors contracted, with mining declining at the greatest pace.
However, across all categories, respondents to the ISM survey noted weaker results during the month.
“We have noticed a slowing of customer counts and sales over the last 30 to 60 days, compared to the same period last year,” an executive within the accommodation & food services industry said.
The employment sub-index strengthened over the period, increasing 1.5 percentage points to 52.3. However, slower growth in new orders pushed the overall index lower, as orders dropped 2.2 points to 53.3.
Below, key output from the report.
Minutes away from the last major data point of the day: ISM Services.
Economists polled by Bloomberg forecast the index declined slightly, to 53.0 in June from May’s 53.7 print.
If that figure holds, it would represent moderate growth during the month, as a reading above 50 indicates expansion.
The announcement is scheduled for 10:00 a.m.