Summary Box: US service companies grew for 8th straight month in August, but pace slowed

Summary Box: Service sector growth slows in August

GROWTH SLOWING: The Institute for Supply Management said its service-sector index fell to 51.5 last month from 54.3 in July. The number indicates growth for the eighth consecutive month but it was the weakest pace since January.

SO WHAT?: Slower growth suggests service companies will not be as willing to hire, a bad sign since the sector accounts of about 80 percent of U.S. jobs. Businesses that provide services include hospitals, shops and restaurants, banks, consulting firms and shipping companies.

FUTURE UNCERTAIN: The ISM survey’s gauge of future business, new orders, slowed in August to the weakest pace this year.