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U.S. service sector slows in January

Xinhua, February 4, 2016 Adjust font size:

The U.S. service sector in January grew at the slowest pace since February 2014, an industry survey showed on Wednesday, triggering concerns over the health of the U.S. economy.

The Non-Manufacturing Index (NMI), which measures activity in the U.S. service sector, registered 53.5 in January, down from 55.8 in December, the Institute for Supply Management (ISM) said in its monthly survey.

The NMI survey covers all sectors outside of manufacturing. A reading above 50 percent indicates expansion of the service sector, which accounts for more than two-thirds of the U.S. economy.

The new orders component of the index, a signal of future business, went down 2.4 points to 56.5. The employment component decreased 4.2 points from December to 52.1, and the business activity index decreased 5.6 points to 53.9 in January.

Ten industries tracked by the ISM reported growth while eight industries reported contraction in the month.

The survey showed that respondents are positive about business conditions, but expressed their concern over global conditions, stock market volatility and its impact on commercial and consumer confidence. Endit