July 6, 2009
Service Sector Contraction Slows
By Matthew L. Brown
The service sector contracted at a slower pace in June than in May, according to the Institute for Supply Management.
The ISM non-manufacturing index rose to 47 percent from 44 percent in May. The index, which is based on survey data, indicates that the service sector is still in decline but that the decline is slowing.
The business activity index rose to 49.8 percent in June from 42.4 percent the previous month. New orders rose to 48.6 percent from 44.4 percent.
The employment index rose to 43.4 percent from 39 percent. Inflation pressures intensified, as indicated by the price index, which rose to 53.7 percent from 46.9 percent in May.
ISM survey respondents said business was either holding steady or beginning to increase at a slow pace.
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