ISM Services Index Declines for October

he U.S. economy’s service sector grew at its slowest rate in since June 2003, the Institute for Supply Management said Wednesday.

ISM’s services index slipped to 51.2 in September from September’s reading of 52.9. The index measures non-manufacturing components of the economy. Figures of more than 50 indicate expansion.

Analysts’ had expected the index to rise to a reading of 53, Bloomberg reported.

The services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.