News Story

ISM Non-Manufacturing Index Ticks Down, Remains Solid in February

- The rate of growth in the economy's service sector slowed slightly in February, but remained robust, according to a report released on Monday.

The Institute of Supply Management said its non-manufacturing purchasing managers' index ticked down to 59.5 in February, from 59.9 the previous month.

Economists had forecast a reading of 58.9.

The new orders sub-index rose to 64.8 from 62.7 in January. The employment sub-index fell to 55.0 last month from the January reading of 61.6.

A reading above 50 for the index indicates expansion in the sector, and a reading below 50 signals contraction.

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