Growth of service sector in US slows in June

Service-Sector-USAccording to a survey report of Institute for Supply Management (ISM), the service sector of US continued to grow in June but at a slowest pace since February.

It had six consecutive months that the key factor of the US economy, the service sector expanded. This report followed recent economic reports that have created fears about the economic recovery of US.

A new report released on Friday showed a fall of 125,000 in the non-farm jobs in the country. ISM said that the service sector index fell down to 53.8 from 55.4 in the month of May. Any reading over 50 shows expansion in the sector at any reading below 50 is taken as a bad reading.

According to the experts the data on employment of ISM was less positive. That figure fell from 50.4 to 49.7 which confirm the latest non-farm payroll report.

Service oriented jobs include jobs in restaurants, constructions, hospitals, schools, airlines, shops, banks and in other consulting firms. An analyst from Advisors Capital Management, Mr. Charles Lieberman said that the new survey report did not suggest that the economy of US was going back in recession.