ISM Services Index Declines for July

he U.S. economy’s service sector growth declined in July, the Institute for Supply Management said Thursday.

ISM’s services index, which measures non-manufacturing components of the economy, fell to a reading of 54.8 from 57 in June, the group said. Figures of more than 50 indicate expansion.

The level below analysts’ predictions of a drop to a 56.8 reading, Bloomberg reported.

The services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.