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US non-manufacturing growth slows in July

Growth in the U.S. non-manufacturing sector slowed down in July, with the Institute for Supply Management's non-manufacturing index falling to 53.9% from 57.4% in June.

The ISM said Aug. 3 that the business activity index decreased to 55.9% in July from last month's 60.8%, while the new orders index dropped to 55.1% from 60.5%.

The employment index slipped to 53.6% from 55.8%, while the prices index rose to 55.7% from 52.1%.

Fifteen non-manufacturing industries reported growth in July, the ISM said, with the majority of its survey respondents upbeat about business conditions and the state of the economy.