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3/3, 4:00 PM (Source: TeleTrader)
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US services PMI down to 55.3 in February - ISM

The services sector in the United States remained in the positive territory in February, though the Services Purchasing Managers Index (PMI) decreased by 3.4 percentage points on a monthly basis to land at 55.3, the US Institute for Supply Management (ISM) said in a report released on Wednesday. The figure came in lower compared to expectations as analysts saw it standing virtually unchanged compared to January's reading.

The Business Activity Index was at 55.5% in February, dropping by 4.4 percentage points from the previous month, while the New Orders Index plunged 9.9 percentage points to 51.9%. The Supplier Deliveries Index stood at 60.8%, up from January's figure of 57.8%, and the Employment Index declined by 2.5 percentage points month-over-month to 52.7% in February.

"The composite index indicated growth for the ninth consecutive month after a two-month contraction in April and May. There was a pullback in the rate of growth in the services sector in February. Respondents are mostly optimistic about business recovery and the economy. Production-capacity constraints, material shortages and challenges in logistics and human resources are impacting the supply chain," ISM Chair Anthony Nieves said in a statement.

Breaking the News / GA