The service sector of the U.S. economy expanded in May, but at a slower pace than in April, a private survey of supply managers said on Monday.
The report offered a possible indication that fuel prices are starting to crimp growth in the service sector, which accounts for two-thirds of the U.S. economy. The survey by the Institute for Supply Management indicated concern about the prices of raw materials and fuels. Managers in diverse sectors like transportation, banking and retailing reported that energy costs were having an effect.
