Posted 3/5/2024, 3:03:00 PM
Service Sector Growth Steady But Slows in February as Orders Rise and Employment Slips
- ISM service-sector index fell to 52.6% in February from 53.4% in January, missing economist forecasts
- Measure of new orders rose to 56.1% from 55% in January
- Employment gauge contracted for the second time in three months, falling to 48%
- Prices paid index slowed to 58.6% from 64% in January but still reflects upward price pressures
- Index has remained in expansionary territory above 50% since December 2022, pointing to steady service sector growth
