An index of the U.S. economy’s service sector declined in June to the slowest pace in almost a year and a half, the Institute for Supply Management said Thursday.
ISM’s monthly services index rose to a reading of 52.1, from 53.7, in May. Figures greater than 50 indicate expansion.
Economists had forecast the index would slip to 53, Bloomberg reported.
The index averaged 56.1 in the five years prior to the recession that began December 2007.
ISM’s services index measures non-manufacturing components of the economy, and the services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.