Service Industries Expand At Slower Rate
The U.S. service sector expanded at a slower rate in March than in the previous month, a trade group said Thursday, coming in below economists’ expectations and adding to concerns that U.S. economic growth is slowing.
The Tempe, Arizona-based Institute for Supply Management, an organization of corporate purchasing executives, said that its index of business activity in the non-manufacturing sector registered 52.4 in March, down from 54.3 in February. Wall Street was expecting a reading of 54.7.
The ISM report suggests the slowdown in other sectors, such as manufacturing and housing, is starting to spread. “Pretty much every number across the board was weaker than expected,” Resler said. “It’s a pretty worrisome sign that there is weakness spreading from housing to other parts of the economy.”
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