US service sector grows in JuneJuly 6th, 2012 - 3:45 am ICT by IANS
Washington, July 6 (IANS) The US non-manufacturing sector expanded for the 30th straight month in June, but at a slower pace, a survey revealed Thursday.
The Non-Manufacturing Index (NMI), which measures activity in the US service sector, edged down to 52.1 in June from the reading of 53.7 in May, Xinhua reported.
The survey by the Institute for Supply Management (ISM) covered all sectors outside of manufacturing. A reading above 50 indicates expansion of the service sector.
The index showed that new orders, a signal of future business, declined to 53.3 in June from 55.5 in May, and the production component fell to 51.7 from 55.6 in May, ISM said.
Twelve industries reported expansion last month, including retail trade, information and construction, while five other industries, including mining, reported contraction.
The NMI index is closely watched because the service sector absorbs the major part of the US workforce, and is a key indicator for the overall health of the economic recovery.
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Tags: contraction, economic recovery, Health Science, institute for supply management, ism, manufacturing sector, nmi, retail trade, sectors, service sector, slower pace, trade information, workforce, xinhua