®.
The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management
® (ISM
®) Services Business Survey Committee: The Services PMI
® registered 55.3 percent, 3.4 percentage points lower than the January reading of 58.7 percent. This reading indicates the ninth straight month of growth for the services sector, which has expanded for all but two of the last 133 months. The Supplier Deliveries Index registered 60.8 percent, up 3 percentage points from January s reading of 57.8 percent. (Supplier Deliveries is the only ISM
®
Report On Business
® index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases.)
Service Sector Growth Unexpectedly Slowed in February
3 Mar 2021
The U.S. service sector grew for the ninth consecutive month in February but the pace of growth unexpectedly dipped as companies dealt with severe weather in much of the country.
The Institute for Supply Management said Wednesday that its services index declined to 55.3 during the month, the lowest level in nine months and down dramatically from the two-year high of 58.7 in January.
Readings above 50 signal growth.
Economists had predicted the index would hold the January figure. The actual score was lower than the lowest forecast of economists surveyed by Econoday.
The gauges of new orders and business activity dropped to the lowest readings since May.
U S Services Sector Growth Eases in February — ISM morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.