Service Sector Growth Slows in June

The pace of growth in the U.S. services sector dipped modestly in June, while prices paid fell sharply to its lowest level since August 2010, according to an industry report released on Wednesday.

The Institute for Supply Management said its services index fell to 53.3 last month from 54.6 in May. The reading fell shy of economists' forecasts for 54.0, according to a Reuters survey. A reading above 50 indicates expansion in the sector.

The prices paid index tumbled to 60.9 from 69.6 in May, while new orders eased to 53.6 from 56.8.