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U.S. markets recover from steep losses
TEMPE, Ariz., April 4 (UPI) -- U.S. service-sector growth fell to its lowest level in four years, a supply managers survey said Wednesday.
The Institute for Supply Management said its non-manufacturing index fell to 52.4 in March, its lowest since 2003 and down from February's 54.3 reading.
Many economists had expected a reading closer to 55.
Figures above 50 indicate expansion.
"Members' comments in March indicate a concern with fuel costs, the economy and the impact on business conditions," said survey committee Chairman Anthony Nieves, who is also Hilton Hotels Corp. senior vice president for supply management.
The index's prices measure jumped to 63.3 from 53.8, while employment fell to 50.8 from 52.2. New orders dipped to 53.8 from 54.8.
New export orders contracted to 48.5 from 59, the report said.
The service sector represents about 80 percent of U.S. economic activity.
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