Investing.com – Service sector activity in the U.S. declined in line with expectations in September, industry data showed on Wednesday.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index dipped by 0.3 points to 53.0 in September from 53.3 in August, broadly in line with market expectations.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
The New Orders Index increased by 3.7 points to 56.5. The Employment Index decreased 2.9 points to 48.7, indicating contraction in employment for the first time in 13 months.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.12% to trade at 1.334.
Meanwhile, U.S. stock markets added to modest gains after the data. The Dow Jones Industrial Average rose 0.3%, the S&P 500 index climbed 0.35%, while the Nasdaq Composite index dipped 0.15%.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index dipped by 0.3 points to 53.0 in September from 53.3 in August, broadly in line with market expectations.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
The New Orders Index increased by 3.7 points to 56.5. The Employment Index decreased 2.9 points to 48.7, indicating contraction in employment for the first time in 13 months.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.12% to trade at 1.334.
Meanwhile, U.S. stock markets added to modest gains after the data. The Dow Jones Industrial Average rose 0.3%, the S&P 500 index climbed 0.35%, while the Nasdaq Composite index dipped 0.15%.