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US services sector contracts for first time since Oct 2013

by ChemOrbis Editorial Team -
  • 26/02/2016 (11:52)
According to a purchasing managers’ index (PMI) released by Markit Economics, the services sector in the US posted its first contraction in February since October 2013 due to lower new orders and an uncertain economic outlook.

The February services PMI fell to a reading of 49.8 following January’s 53.2. The latest reading missed initial estimates, which called for a reading of 53.5. Any reading above 50 indicates an expansion while any figure below 50 represents a contraction.
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