ISM Services Index Declines for September

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

ISM’s services index slipped to 52.9 in September from August’s reading of 57. The index measures non-manufacturing components of the economy. Figures of more than 50 indicate expansion.

Analysts’ had expected the index to drop to a reading of 56, 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.