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U.S. Service Industries Expand at Slowest Pace in Five Months

  • ISM gauge retreats on slower orders, employment growth
  • Services moderation compares with manufacturing pickup
New York City Returns To Indoor DiningNew York City Returns To Indoor Dining
Photographer: Mark Abramson/Bloomberg
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U.S. service industries expanded in October at the slowest pace in five months as orders and employment cooled, indicating more moderate growth in the biggest part of the economy.

The Institute for Supply Management’s services index declined to 56.6 during the month from 57.8 in September, according to data released on Wednesday. Readings above 50 indicate expansion, and the October figure was weaker than all but one estimate in a Bloomberg survey of economists that had called for 57.5.