Growth in services sector slowed in August from record pace

Growth in the services sector, where most Americans work, slowed in August after setting a record pace in July

WASHINGTON -- Growth in the services sector, where most Americans work, slowed in August after setting a record pace in July. The Institute for Supply Management reported Friday that its monthly survey of service industries decreased to a reading of 61.7 in August after hitting a record high of 64.1 in July. The July figure was the fastest pace since this data series began in 2008. Any reading above 50 indicates growth in service industries. On Wednesday, ISM reported that its survey of manufacturing industries increased in August to a reading of 59.9 even though the survey found that manufacturers were continuing to struggle to meet surging demand while at the same time dealing with numerous supply chain disruptions and a shortage of factory workers.