An index of the U.S. economy’s service sector declined in April to a four-month low, but showed overall continued expansion, the Institute for Supply Management said Thursday.
ISM’s monthly services index fell to a reading of 53.5, from 56 in March. Figures greater than 50 indicate expansion.
Economists had forecast the index would decline to 55.3, Bloomberg reported.
The index averaged 56.1 in the five years prior to the recession that began December 2007.
ISM’s services index measures non-manufacturing components of the economy, and the services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.