US Service Gauge Falls More Than Expected as Demand Moderates
- ISM index dropped to 51.2 in March; median estimate 54.4
- Gauges of new orders, business activity, employment decline
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The US service sector expanded in March at a much slower pace than projected on considerably weaker new orders growth and softer business activity.
The Institute for Supply Management’s index fell nearly four points to a three-month low of 51.2, data showed Wednesday. The figure was weaker than all but one forecast in a Bloomberg survey of economists, which had a median projection of 54.4.