Economics
U.S. Services Gauge Falls to One-Year Low as Orders Soften
- ISM measure fell to 56.5 in February from 59.9 month earlier
- Index of employment slumps to lowest since August 2020
Shipping containers outside a warehouse in Redlands, California.
Photographer: Roger Kisby/BloombergThis article is for subscribers only.
Growth in the U.S. services sector retreated in February to a one-year low as orders softened along with business activity, an indication supply constraints remain a hurdle for the economy.
The Institute for Supply Management’s gauge of services fell 3.4 points to 56.5, below even the most pessimistic estimate in a Bloomberg survey of economists, according to data released Thursday. Readings above 50 signal expansion.