(1888PressRelease)
September 08, 2007 - Growth in the US non-manufacturing sector slowed during August, new research has revealed.
Figures from The Institute of Supply Management's index of non-manufacturing business dropped to 54.5.
The previous month it had stood at 55.8, with readings above 50 showing growth.
Nonetheless, the rate remained above that predicted by analysts polled by Bloomberg who expected the reading to stand at 55.00.
The sheer size service sector means that the cutbacks it is making are impacting especially on the home building sector and is having a similarly deleterious effect on lending.
Brian Bethune, of Global Insight said: "Overall growth in services is moving down a notch here, mainly due to a more subdued outlook for growth in financial services."
IoSM's study also found that the employment component fell to 47.9 from July's 51.7. Prices paid ebbed to 58.6 from 61.3.
However, the new orders index was revealed to have risen to 57.0 from 52.8.
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