Stocks Decline Following Worst ISM Non-Manufacturing Reading in 8 Months
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The Institute for Supply Management said Wednesday morning the US service sector during April expanded at the slowest rate in more than eight months.
A reading of non-manufacturing companies fell by nearly 8 percent from 57.3 in March to 52.8. Economists had been expecting the index to edge higher to 57.5.
Similar to ISM's manufacturing index, a reading over 50 indicates economic expansion while a reading under suggests contraction.
Stocks dropped rather sharply following the release of this data point and have yet to recover. The Dow fell as many as 69 points just after the release; the S&P 500 fell about 6 points.
A reading of non-manufacturing companies fell by nearly 8 percent from 57.3 in March to 52.8. Economists had been expecting the index to edge higher to 57.5.
Similar to ISM's manufacturing index, a reading over 50 indicates economic expansion while a reading under suggests contraction.
Stocks dropped rather sharply following the release of this data point and have yet to recover. The Dow fell as many as 69 points just after the release; the S&P 500 fell about 6 points.
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