ISM
Washington (AFP) - The dominant US services sector contracted for the first time in more than two years in December, survey data showed on Friday, as business activity slumped. The Institute for Supply Management's services index dipped below a key 50-percent threshold, indicating a contraction and surprising economists. The sector accounts for two-thirds of the world's largest economy and has held up in spite of a forceful campaign by the Federal Reserve to cool demand and rein in surging inflation -- but the higher interest rates now appear to be biting. The ISM services index "ended a 30-mo...
AFP
Washington (AFP) - The struggling US service sector saw its recovery from the pandemic-induced business shutdowns accelerate in January, according to a survey released on Wednesday. The Institute for Supply Management's (ISM) services index rose to 58.7 percent, more than expected and its highest level since February 2019, reaching eight straight months of growth after contracting when the pandemic began last year. "Respondents' comments are more optimistic about business conditions and the economy," the survey's chair Anthony Nieves said, but "various local- and state-level Covid-19 restricti...
AFP
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