(Reuters) – Growth in U.S. service sector activity was weaker than expected in February, according to a monthly survey from the Institute for Supply Management (ISM) released on Tuesday, which showed that new hiring has decreased.
The ISM services index stood at 52.6 after 53.4 in January.
Economists polled by Reuters on average expected a figure of 53.0, the 50 mark separating growth and contraction in activity.
The paid prices subindex fell to 58.6 points, compared to 64.0 in January.
Some economists consider the ISM subindex of prices paid in services to be a good leading indicator of personal consumption expenditure (PCE) inflation.
Employment in the sector fell to 48.0 in February from 50.5 the previous month.
The component of new orders received by service companies increased from 55.0 to 56.1 in February.
(Written by Corentin Chappron, edited by Jean-Stéphane Brosse)
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