The pace of growth in the U.S. services sector slowed slightly in June as business activity decelerated, even as new orders and employment growth sped up, according to an industry report released on Thursday. The Institute for Supply Management said its services index ticked down to 56.0 last month from 56.3 in May, which was a nine-month high. The reading fell shy of economists' forecasts for 56.3, according to a Reuters survey. Non-manufacturing business activity slipped to 57.5 in June from 62.1 in May, but the new orders index rose to 61.2, the highest since January 2011, from 60.5 in May. Employment rose to 54.4, a five-month high, from 52.4.
The final reading for activity in the U.S. services sector hit its highest in 4-1/2 years, pushed higher by increasing new business activity and hiring, a survey showed on Thursday. Financial data firm Markit said its final services Purchasing Managers Index hit 61.0 in June, the highest final reading since the survey began in October 2009, compared with May's final reading of 58.1. The services sector added employees at the fastest rate on record with the employment index coming in at 56.1, higher than the 55.4 preliminary reading. Markit's final composite PMI, a weighted average of its manufacturing and services indexes, hit 61.0 in June, also a record high for a final reading, versus 58.4 in May and a preliminary 61.1.
MURRIETA, Calif. (AP) — An overflow crowd in a Southern California community where protesters turned back Homeland Security busloads of immigrants gave a harsh reception to federal officials behind the decision to bring them to their city in the first place.
With a single meeting Thursday, the leaders of China and South Korea simultaneously snubbed North Korea, bolstered their already booming trade relationship and gave the U.S. and Japan a look at Beijing's ...