U.S. Service Industry Growth Slowed in July

From bloomberg.com

The Institute for Supply Management’s index of non-manufacturing businesses decreased to 52.7 in July from 53.3 a month earlier. A reading above 50 signals expansion. The measure was projected to rise to 53.5, according to the median forecast in a Bloomberg News survey. Estimates from 75 economists surveyed ranged from 50 to 55.5. The Tempe, Arizona- based group’s index averaged 56.1 in the five years to December 2007, when the last recession began. The ISM services survey covers industries ranging from utilities and retailing to health care and finance. The group’s Aug. 1 figures showed ... (full story)