-
ALSO READ
U.S. services sector activity jumps to 12-1/2-year high U.S. jobless claims rise, data for several states estimated U.S. existing home sales, supply tumble in December Tight supply, rising prices undercut on U.S. home sales U.S. consumer inflation picks up in January; spending slows: Reuters -
WASHINGTON (Reuters) - U. S. services sector activity slowed modestly in February, held back by a sharp pull back in hiring, but a surge in new orders to a 12-1/2-year high pointed to underlying strength.
The Institute for Supply Management (ISM) said on Monday its non-manufacturing activity index slipped 0.4 point to a reading of 59.5 last month.
A reading above 50 indicates expansion in the sector, which accounts for more than two-thirds of U. S. economic activity.
The survey's measure of services sector employment dropped 6.6 points to 55.0, while a gauge of new orders jumped 2.1 points to the highest level since August 2005. A sub-index for export orders increased solidly last month.
(Reporting By Lucia Mutikani; Editing by Chizu Nomiyama)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
RECOMMENDED FOR YOU