U.S. Economy: Services Grow at Slowest Pace in Eight Months

Service industries in the U.S. expanded in April at the slowest pace in eight months as companies cut back in response to higher energy costs.

The Institute for Supply Management’s index of non-manufacturing companies declined to 52.8 last month, lower than the median forecast of economists surveyed by Bloomberg News, from 57.3 in March. Readings greater than 50 signal growth. Another report showed the pace of hiring cooled in April.