US services sector activity falls to slowest pace in 12 months

By Ovunc Kutlu

ANKARA (AA) - Economic activity in the US services sector slowed to a pace in February not seen in 12 months, according to data released Thursday.

The ISM non-manufacturing purchasing managers' index (PMI), also known as the ISM Services PMI, fell 3.4 percentage points from the previous month to 56.5, a survey by the Institute for Supply Management (ISM) showed.

Analysts expected the index, which indicates the overall economic condition of the non-manufacturing sector, to come in at a reading of 61, after standing at 59.9 in January.

Despite the slowdown, economic activity grew in January for the 21st month in a row. An index above 50 indicates expansion.

The index stood at an all-time high of 69.1 in November.