TEMPE, Ariz., March 5 (UPI) -- U.S. service-sector growth has slowed amid a holdback in new orders, a private industry group reported Monday.
The Institute for Supply Management's non-manufacturing index slipped to 54.3 in February from 59 in January and 56.7 in December. Most Wall Street economists had expected a February reading of at least 57.
A reading above 50 indicates expansion, while one below that indicates contraction.
The Tempe, Ariz., group predicted continued weakness in construction, retailing and wholesaling, with solid growth in other sectors.
The February reading marked the 47th consecutive month of U.S. service-sector growth, survey committee Chairman Anthony Nieves said.
The service sector represents about 80 percent of U.S. economic activity.
New orders weakened to 54.8 from 55.4 in January, the group said. Prices moderated to 53.8 from 55.2. The employment index strengthened to 52.2, up from 51.7 the month before.
