BUSINESS BRIEFING
Services sector sees record high
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 supply-chain challenges and problems in finding enough available workers.
The Institute for Supply Management reported Wednesday that its monthly survey of service industries rose to 64.1 in July, up from 60.1 in June. It was the fastest pace since this series began in 2008 and surpassed the old record of 64.0 set in May. Any reading above 50 indicates growth.
On Monday, ISM said that growth in manufacturing had slowed for a second consecutive month amid supply-chain problems and labor shortages. Service sector industries are facing the same issues.