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News Summary: US service firms grow at faster pace

(AP) - SERVICE FIRMS EXPANDS: The Institute for Supply Management said Wednesday that service firms grew at a faster pace in May, driven by a jump in new orders. The group's index of service-sector growth rose to 53.7 from 53.1 in April. Any reading above 50 indicates expansion.

HIRING SLOWS: A measure of hiring showed companies added fewer jobs. The employment index fell to 50.1, the lowest since last July.

MODEST JOBS REPORT: Service firms have been the main source of job gains in recent months. On Friday, the government will issue the May jobs report. Economists forecast it will show modest hiring.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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