Skip to content
Subscriber Only

Growth in U.S. Service Industries Cools for a Second Month

U.S. Housing Starts Cooled in February After Robust January
Photographer: Luke Sharrett/Bloomberg
Updated on

Growth in U.S. service industries cooled in March for a second month as orders settled back from the fastest pace in more than 12 years, a survey from the Institute for Supply Management showed Wednesday.

Even with the main index’s decline last month, service industries continued to expand at a hearty pace. An increase in order backlogs and slower delivery times, as measured by the purchasing managers’ group, encouraged the services sector to step up hiring to meet demand.