The pace of growth in the U.S. services sector slowed in June to its weakest level in over three years as new orders nearly stalled, though a jump in employment provided an encouraging sign for the labor market.
The Institute for Supply Management said on Wednesday its services index fell to 52.2 last month from 53.7 in May, short of economists' forecasts for a gain to 54.
While a reading above 50 indicates expansion in the sector, June's decline brought growth to its lowest level since February 2010.