ISM Services Index Slips in June

An index of the U.S. economy’s service sector declined in June but showed continued expansion, the Institute for Supply Management reported Wednesday.

ISM’s monthly services index declined to a 52.2 reading from 53.7 in May. Figures of more than 50 indicate expansion, while below that show contraction.

Economists had forecast the index would improve to 54, Bloomberg News reported.

ISM’s services index measures nonmanufacturing 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.