US service sector cools in June despite new order boost

The pace of growth in the U.S. services sector slowed slightly in June as business activity decelerated, even as new orders and employment growth sped up, according to an industry report released on Thursday. The Institute for Supply Management said its services index ticked down to 56.0 last month from 56.3 in May, which was a nine-month high. The reading fell shy of economists' forecasts for 56.3, according to a Reuters survey. A reading above 50 indicates expansion in the sector.