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.
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