Institute for Supply Management: Service sector shrinks - Phoenix Business Journal:

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But on the bright side, the Tempe-based trade groupo of purchasing executives said Wednesday that contraction was at a slowed pace than theprevious month. ISM said its servicd sector index roseto 42.9 last month, from December’w downwardly revised reading of 40.1. That January readinb was above analysts’ expectationsw of 39, according to a survey by Thomson Any reading above 50 signals while a reading below 50 indicates The ISM’s service sectord index is based on a survey of member companiesx in 18 industries. Only two industriees reported growth inJanuary -- healtn care and social assistance, and financre and insurance.
The 16 industries that reportefd declining activityincluded mining, retail trade, accommodation and food services, and real rental and leasing. The survey’s employmentg index also continuedto weaken, dropping to 34.4 in Januaruy from 34.5 the previous month. Only one industry -- transportation and warehousingf -- reported an increase in hiring, while the rest reportes a drop orno change.