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Report: US services growth declines in March

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Report:  US services growth declines in March

New report indicates slowing expansion..

The ISM Non-Manufacturing Index fell 0.4 percentage points in March, coming in at 56.5% compared to 56.9% in February. NMI readings above 50.0 signal expansion, while readings below 50.0 indicate contraction.  It was the lowest reading in three months.

The reading was in line with analysts’ expectations.

 “The majority of respondents’ comments reflect stability and are mostly positive about business conditions and the overall economy."

The Non-Manufacturing Business Activity Index decreased to 57.5%, which is 1.9 percentage points lower than the February reading of 59.4%, reflecting growth for the 68th consecutive month at a slower rate.

The New Orders Index registered 57.8%, 1.1 percentage points higher than the reading of 56.7% registered in February.

On the positive side, the Employment Index increased 0.2% point to 56.6% from the February reading of 56.4%.

In commenting on the report, Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee, wasn’t alarmed by the results. “The majority of respondents’ comments reflect stability and are mostly positive about business conditions and the overall economy."

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