US Service Sector Expands at a Slower Pace, Hiring Picks Up

The US service sector expanded during June, although the pace of growth was slightly slower. Despite this deceleration, firms increased their payrolls as cost pressures began to ease. This combination of continued sector growth and cooling costs may provide the necessary support for potential Fed rate cuts, which could subsequently influence broader economic policy and market dynamics. The rebound in hiring remains a key highlight of the sector's performance throughout the month of June.