U.S. Services PMI Unexpectedly Edges Lower In March

Service sector growth in the U.S. unexpectedly slowed in the month of March, the Institute for Supply Management revealed in a report released on Wednesday.

The ISM said its services PMI dipped to 51.4 in March from 52.6 in February. While a reading above 50 still indicates growth in the sector, economists had expected the index to inch up to 52.7.

The unexpected decrease by the headline index partly reflected a slowdown in the pace of growth in new orders, with the new orders index falling to 54.4 in March from 56.1 in February.

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