By Joshua KirbyThe U.S. services sector unexpectedly declined in June, suggesting a wider cooling in the economy. The Institute for Supply Management's services-activity index decreased to 48.8 from 53.8 in May, according to the survey released Wednesday. Costs have stabilized but are still higher, said one respondent, active in the construction sector. June's drop suggests the services sector is beginning to fall into line with weakness in manufacturing, which is similarly struggling with weak demand, according to an ISM survey set out earlier this week. Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby(END) Dow Jones NewswiresJuly 03, 2024 10:42 ET (14:42 GMT)Copyright (c) 2024 Dow Jones & Company, Inc.

Source: Wall Street Journal July 03, 2024 20:50 UTC