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UPDATE:A key index measuring the non-manufacturing industry declined to 56.0 in March from 57.3 a month earlier, new data out of the Institute for Supply Management shows.
The readings show that while the services industry continued to expand during the month, it did so at a more tepid rate than in February.
Sub-indexes fell nearly across the board, with only employment, inventories, and imports logging improving trends month-on-month.
The key employment index increased 1 percentage point to 56.7 for March. New orders shed 2.4 per cent to 58.8.
According to the Institute, 13 industries added jobs during the month, while four reported lower employment levels.
Business activity also remained above 50, which indicates expansion, although it declined 3.7 per cent to 58.9. Respondents to the ISM survey said the “economy seems to be recovering” and “new/increased sales booked.”
Below, a round up of ISM data.
Business Activity (indicates percentage of respondents):
New Orders (indicates percentage of respondents):
Employment (indicates percentage of respondents):
Minutes away from the final economic announcement of the day: ISM Services.
Economists polled by Bloomberg expect the composite index to decline 50 basis points to 56.8 in March, representing slightly less robust growth.
A reading above 50 indicates expansion.