US Services Gauge Cools as Pace of Orders Growth Retreats
- ISM’s gauge of services fell to 52.8 in January from 54
- Index of employment expands at fastest pace since 2023
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Growth at US service providers softened at the start of the year as a measure of orders fell to a seven-month low, indicating a slight loss of momentum in the largest part of the economy.
The Institute for Supply Management’s gauge of services slipped to 52.8 in January from 54 at the end of the 2024, according to data released Wednesday. Readings above 50 signal growth, and the latest figure is slightly firmer than the average for last year.