Growth in US services sector hits record high in July

Growth in the U.S. services sector, where most Americans work, increased to a record pace in July even as businesses continued to face challenges in hiring workers

WASHINGTON -- Growth in the U.S. services sector, where most Americans work, increased to a record pace in July even as businesses continued to face challenges in hiring workers. The Institute for Supply Management reported Wednesday that its monthly survey of service industries rose to a reading of 64.1 in July, up from 60.1 in June. It was the fastest pace since this series began in 2008. Any reading above 50 indicates growth in service industries. On Monday, ISM reported that growth in manufacturing had slowed for a second straight month amid on-going supply-chain problems.