Type of Content
Approved Story
1
Format
Region
News Item Format
Standard
Shortages of supplies and labor slowed growth in the services sector while pushing prices higher in June, a pair of business surveys revealed Tuesday.
Growth in the services sector, which accounts for over 75 percent of the U.S. economy, cooled a bit in June, separate surveys by the Institute for Supply Management and IHS Markit indicate. Despite the slowdown, growth still remains at historically high levels corresponding with the reopening of many parts of the economy and the increased willingness of consumers to “return to normal” now that mass vaccination has sent the pandemic on the retreat.