Growth in the U.S. services sector fell more than expected and reached its slowest pace in more than a year, according to data from the Institute for Supply Management.
div > div.group > p:first-child"> The ISM non-manufacturing index fell to 56.1 in March, down from 59.7 in February. Economists polled by Refinitiv expected the index to dip to 58.
"The non-manufacturing sector's growth cooled off in March after strong growth in February," said Anthony Nieves, chair of the Institute for Supply Management, in a statement."Respondents remain mostly optimistic about overall business conditions and the economy. They still have underlying concerns about employment resources and capacity constraints."
New orders, a key component of the overall index, fell by 6.2 points last month to 59. Meanwhile, prices increased by 4.3 points to 58.7.
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