US Services Index Falters as Employment Shrinks Most Since 2023
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US service providers expanded in March at the slowest pace in nine months as orders growth cooled and a measure of employment tumbled to the lowest since 2023.
The Institute for Supply Management’s gauge of services dropped to 50.8 from 53.5 a month earlier, according to data released Thursday. The figure was weaker than all but one estimate in a Bloomberg survey of economists. Readings above 50 signal growth.