Service-oriented companies that employ the vast majority of Americans registered the weakest growth in September in three years, adding to a cacaphony of reports showing a broad slowdown in the U.S. economy.
The Institute for Supply Management's said its non-manufacturing index fell to 52.6 last month from 56.4 in August. Economists polled by Marketwatch had forecast a 55.3% reading.
Numbers over 50% indicates business conditions are getting better, but the index has fallen 8 points below its postrecession peak of 60.8% achieved last fall.
The lackluster results of the ISM's services survey added to the angst on Wall Street after the research firm's closely followed manufacturing index fell to a 10-year low earlier this week. Losses in the U.S. stock market deepened in Thursday trades.
Source : Marketwatch