Services sector expands at slower pace in April
WASHINGTON (AP) —The services sector expanded at a slower pace in April than March, restrained by weaker growth in hiring and new orders.
The Institute for Supply Management says its index of non-manufacturing activity fell to 53.1 in April from 54.4 in March. Any reading above 50 indicates expansion.
The report measures growth in industries that cover 90% of the work force, including retail, construction, health care and financial services.
Fourteen of the 18 industries reported expansion in April. But a measure of hiring fell from 53.3 in March to 52 last month, indicating fewer jobs added.
The survey conflicted with a government report that said service-sector hiring improved in April. The Labor Department said that those firms added 185,000 jobs last month, up from 139,000 in March.