U.S. service industries grew in March
Economic activity in the services sector in the United States grew in March for the 62nd consecutive month, although that growth slowed slightly from February, the Institute for Supply Management (ISM) said Monday.
The ISM’s non-manufacturing index registered a 56.5 last month, down slightly from a 56.9 in February and slightly below the expectations of analysts polled by Yahoo Finance. The reading, nonetheless, indicates growth for the 68th consecutive month in the overall economy, and expansion in the services sector for 62 straight months, the ISM said.
Any sustained reading above a 48.7 generally indicates an overall economic expansion, the ISM said in a statement.
The numbers were also positive for new orders and service-sector employment, both of which ticked upward from February.
Of the 18 services sectors surveyed, 14 reported growth during March while only four – mining, educational services, other services and utilities – said business contracted, the ISM said.
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