NEW YORK (Reuters) - The pace of growth in the U.S. services ticked higher in June after dropping to a 13-month low in May, as reads on business activity and new orders improved, an industry report showed on Monday.
The Institute for Supply Management said its services sector index increased to 56.0, just short of analysts’ expectations of 56.2 in a Reuters survey, from 55.7 in May.
A reading above 50 indicates expansion in the sector.
The ISM’s index of business activity rose to 61.5 from the May reading of 59.5. Analysts were looking for a reading of60.0.
The new orders index increased to 58.3 from 57.9 while the employment index dropped for a second consecutive month to 52.7 from 55.3. The index on prices also retreated to 53.0 from 55.9.
Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama