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Expand chart
Data: Institute for Supply Management; Chart: Axios Visuals

The pace of hiring activity in services industries declined in June, according to the Institute for Supply Management.

Why it matters: Labor supply constraints continue to limit the U.S. economy’s ability to grow.

  • This was a reason the ISM services index fell to 60.1 in June from 64 in May, a sign that growth in the services sector is decelerating.
  • The ISM services index is a measure of activity in nonmanufacturing businesses. Services account for 103.5 million jobs, or 71%, of the U.S. payrolls.

By the numbers: The ISM’s services employment index — a subset of the overall index — fell to 49.3 in June from 55.3 in May, which means the amount of hiring went down.

What they’re saying: "Businesses haven’t been able to staff according to the demand levels," Anthony Nieves, chair of the ISM’s Services Business Survey Committee, told Axios.

  • "The labor markets are not there for some of these different services industries."

Yes, but: "That is at odds with the apparent message from the latest payroll figures, which suggested that employment growth is accelerating," Capital Economics’ Michael Pearce observed.

  • Indeed, according to the June U.S. payrolls report, the services sector added 642,000 jobs in June, up from 497,000 added in May.

The bottom line: Expect mixed signals occasionally in short-term data, due to all sorts of data quality issues that have emerged during the pandemic.

  • But even amid this noise, the bigger themes seem to prevail.
  • "The comments accompanying the survey make clear that labor shortages and supply shortages are still squeezing output," Pearce wrote.

Go deeper

Senate joins Big Tech antitrust fray

Illustration: Aïda Amer/Axios

A bipartisan group of lawmakers led by Sen. Amy Klobuchar (D-Minn.) unveiled a bill Thursday banning companies like Amazon and Google from favoring their own services.

Why it matters: The Senate legislation, which is similar to a bipartisan House bill, shows Republicans and Democrats in both chambers are eager to pass new regulations on the country's biggest technology companies.

Momentum builds to ban lawmakers from trading stocks

Illustration: Sarah Grillo/Axios

Some progressive Democrats and MAGA Republicans are uniting on a proposal to ban sitting lawmakers from trading individual stocks, although it's unlikely that leadership will bring the bill up for a vote.

Why it matters: Members of Congress have great power to move stock prices, and great financial incentives to do so.

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm was lashing much of the East Coast on Sunday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: The Weather Prediction Center said in a storm summary Monday that winter storm warnings are still in effect for portions of the Central Appalachians, Ohio Valley, interior Mid-Atlantic, and Northeast, while portions of the Central Appalachians and coastal New England are under high wind warnings.