U.S. SERVICES SECTOR SLIPS TO WORST GROWTH IN 3 YEARS

The pace of expansion for U.S. services companies fell to its slowest pace in nearly three years, as gauges of business activity and new orders weakened.

The Institute for Supply Management, an association of purchasing managers, said Monday that its nonmanufacturing index fell to 53.7 from 55.1 in June.

The July measure was the weakest since August 2016. Readings above 50 signal growth, so the index suggests that overall growth will continue but has downshifted. The services sector accounts for the bulk of U.S. jobs and economic activity.

The index’s measures of business activity and new orders decreased, though both still pointed to growth. The hiring measure improved.

“We’re seeing this easing, this slowing,” said Anthony Nieves, chair of the ISM’s non-manufacturing business survey committee.

Nieves said that a slowdown can occur during the summer months, but the survey indicates that the expansion will continue.

Hallador Energy reports $3.3M loss in 2Q.

DENVER» Hallador Energy Co. on Monday reported a loss of $3.3 million in its second quarter.

On a per-share basis, the company said it had a loss of 11 cents. Losses, adjusted for non-recurring costs, came to 5 cents per share.

The coal, oil and gas producer posted revenue of $72.3 million in the period.

Hallador Energy shares have climbed nearly 2% since the beginning of the year. In the final minutes of trading on Monday, shares hit $5.16, a fall of 26% in the last 12 months.

HSBC says its CEO to leave after just 18 months.

LONDON» Bank HSBC on Monday announced the surprise departure of CEO John Flint after just 18 months, saying new leadership was needed amid increasing economic uncertainty, and that it was cutting some 4,000 jobs to reduce costs.

HSBC Holdings said Flint stepped down by mutual agreement. Noel Quinn, the chief executive of global commercial banking, will serve as interim CEO while the bank looks for a permanent replacement.

Flint, 51, spent almost 30 years at the bank before he became CEO with the promise to “continue to innovate and accelerate the pace of change” needed to meet the demands of shareholders and customers. HSBC shares have fallen almost 14% since Flint took over, compared with a less than 1% drop in the FTSE 100 Index.

Manufacturing woes weigh on eurozone economy.

LONDON» A sharp downturn in Germany’s manufacturing sector is weighing heavily on the 19-country eurozone economy, which is close to seeing a drop in overall activity, a survey showed Monday.

In its monthly overview of the manufacturing and services sectors, financial data firm IHS Markit said its composite purchasing managers’ index for the eurozone fell to 51.5 points in July from 52.2 the previous month. The fall takes the index close to the 50-point threshold that separates a fall in output from an increase.

The index masked differences between the sectors, with services continuing to grow solidly but manufacturing posting an accelerated fall in output. — Denver Post wire services