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. 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. Of the 18 service sectors surveyed, 17 reported growth in August, led by accommodations and food services, an industry that was hit hard by the pandemic.