Index heaps more bad news on US economy
Print Edition
US services firms grew at the slowest pace in more than two years last month, a private survey says.
The Institute for Supply Management says its services index fell to 52.9 last month from April’s 55.7. It was the lowest reading since February 2014. Anything above 50 signals growth.
A measure of employment in services fell last month for the first time since February. Services posted slower growth in output and new orders.
The ISM report was more bad news on the economy after the Labor Department said yesterday that employers overall added just 38,000 jobs in May, fewest in five years. Services, which account for over 70 percent of US jobs, have been a source of US economic strength.
Meanwhile, orders to US factories increased by the largest amount in six months but much of the strength came from a rise in demand for commercial aircraft. A key category that tracks business investment plans fell.
The Commerce Department says factory orders rose 1.9 percent in April, the biggest gain since a 2.4 percent rise in October. Orders had risen 1.7 percent in March after having fallen in February.
Demand in a category that serves as a proxy for business investment spending shed 0.6 percent after a small 0.3 percent gain in March and 2.1 percent February decline.
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