ISM services-sector index drops to 56.0% in March

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ISM services-sector index drops to 56.0% in March (by Jeffry Bartash)

WASHINGTON (MarketWatch) - The Institute for Supply Management's services-sector index for March fell to 56.0% from 57.3% in February, the private group reported Wednesday. The gauges for new orders and production fell, accounting for most of the decline. Economists surveyed by MarketWatch expected the ISM services index to pull back to 56.8% last month. Still, any reading over 50% indicates that more firms are expanding than contracting. The ISM index has now been above the 50% mark for 27 months. The service sector includes fields such as health care, retail, finance and entertainment and accounts for three-fourths of all U.S. economic activity. These sectors also employ about 80% of the nation's workers.

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