India, July 3 -- After reporting a slight contraction in U.S. service sector activity in the previous month, the Institute for Supply Management released a report on Thursday showing the service sector returned to growth in the month of June.
The ISM said its services PMI rose to 50.8 in June from 49.9 in May, with a reading above 50 indicating growth. Economists had expected the index to inch up to 50.5.
"June's PMI level is a welcome return to expansion, although slow growth and economic uncertainty were frequently referenced by respondents," said Steve Miller, Chair of the ISM Services Business Survey Committee.
He added, "This month's reading is equal to the average reading of 50.8 percent over the prior three months, indicating both...