An index of the U.S. economy’s service sector declined in April but showed continued expansion, the Institute for Supply Management said Friday.
ISM’s monthly services index fell to a 53.1 reading, from 54.4 in March. Figures of more than 50 indicate expansion, while below that show contraction.
Economists had forecast the index would dip to 54, Bloomberg News reported.
ISM’s services index measures nonmanufacturing 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.