BLBG: ISM Services Index in U.S. Fell to 57.3 in March From 59.7
The Institute for Supply Management’s index of non-manufacturing businesses decreased to 57.3 in March from 59.7 a month earlier.
The median forecast of 69 economists surveyed by Bloomberg News projected the measure would be little changed at 59.5. A reading above 50 signals growth for about 90 percent of the economy. Estimates ranged from 57.7 to 61.
The Tempe, Arizona-based group’s index averaged 56.1 in the five years to December 2007, when the last recession began. It’s averaged 52.9 since the current recovery started in June 2009 through February, trailing the 56 reading on the group’s factory measure during the same period.
The ISM services survey covers industries that range from utilities and retailing to health care, finance and transportation. Today’s report follows the group’s April 1 figures that showed manufacturing grew in March at close to the fastest pace in almost seven years.
To contact the reporter on this story: Timothy R. Homan in Washington at thoman1@bloomberg.net
To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net
