U.S. services sector activity dipped in June as some of the boost from businesses rushing to place orders amid the Middle East war ebbed, but employment rebounded after contracting for three straight months, pointing to continued labor market stability.
The Institute for Supply Management said on Monday its nonmanufacturing purchasing managers index edged down to 54.0 last month from 54.5 in May. A reading above 50 indicates growth in the services sector, which accounts for more than two-thirds of U.S. economic activity.
