Service sector contracts as prices rise
A private research group says the US service sector contracted in July as new orders decreased and prices rose, stifling growth for truckers, retailers and insurers.The Institute for Supply Management, a trade group of purchasing executives, said Tuesday its reading of the service sector was 49.5 in July, up from 48.2 in June.
The US service sector contracted unexpectedly in June, falling to its lowest level since the beginning of the year, the private Institute for Supply Management reported Thursday.