Thursday, May 3, 2012
U.S. service companies, which employ roughly 90 percent of the work force, expanded more slowly in April. Companies saw less growth in new orders and hired at a weaker pace.
The Institute for Supply Management says its index of non-manufacturing activity dropped to 53.5 last month from 56 in March. Any reading above 50 indicates expansion.
The ISM's survey covers all sectors outside of manufacturing. That includes retail, construction, financial services, health care, and hotels.