Latest figures from the Institute for Supply Management show a second consecutive month of growth in US service sector activity despite a dip in the pace of expansion.
The ISM – which earlier this week reported a rapid recovery in the manufacturing sector [WAMN: 02-Apr-02] – announced Wednesday that its services index edged down from 58.7 in February to 57.3 last month, although this was still the second-highest reading in fifteen months.
Despite the slippage, the index remains above the crucial 50.0 threshold separating contraction and expansion for the second month in a row, boding well for the US economy.
Based on a survey of 350 executives, the index covers seventeen sectors, ten of which posted a rise in activity last month, five a decline and two no change.
Data sourced from: Financial Times; additional content by WARC staff