ISM Service Index Declines in February

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The U.S. economy’s service sector growth declined in February, the Institute for Supply Management said Monday. ISM’s services index fell to a 54.3 reading from 59 in January, the group said. The service index measures non-manufacturing components of the economy. Figures of more than 50 indicate expansion.The reading was below analysts’ forecasts of 57.1, 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.