The U.S. economy’s service sector expanded in January but at a slower pace than the previous month, according to an industry report released Wednesday.
The Institute for Supply Management (ISM) said its index of non-manufacturing activity fell to 53.5 from 55.8 the month before. The reading was below expectations of 55.1 from a Reuters poll of 73 economists.
A reading above 50 indicates expansion in the service sector and a reading below 50 indicates contraction.
via CNBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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