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US Services Activity Moderates as Orders Growth Slides
Growth in the US service sector moderated in September as a measure of new orders slid to the lowest level this year. The Institute for Supply Management’s overall gauge of services fell by nearly a point to 53.6, data out Wednesday showed. Readings above 50 indicate expansion, and the September figure was in line with the median estimate in a Bloomberg survey of economists. While growth in business activity quickened to a three-month high, an almost six-point drop in orders suggests demand for services may be starting to weaken. In August, the measure of bookings reached a six-month high. The gauge of business ... (full story)