Mumbai, Oct. 6 -- Service sector activity in the U.S. was unchanged in the month of September, the Institute for Supply Management revealed in a report released on Friday.
The ISM said its services PMI fell to 50.0 in September from 52.0 in August, with a reading of 50.0 serving as the breakeven point between expansion and contraction. Economists had expected the index to edge down to 51.7.
The bigger than expected decrease by the headline index partly reflected a downturn by business activity, as the business activity index slumped to 49.9 in September from 55.0 in August. The index entered contraction territory for the first time since May 2020.
The new orders index also tumbled to 50.4 in September from 56.0 in August, while the emplo...