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Services expand at slower pace in February

Wednesday, March 3, 2004 | 9:26 a.m.

NEW YORK -- U.S. service sector activity posted a strong advance in February, but the pace was somewhat slower than January's record-setting rate, a private research group said today.

The Institute for Supply Management reported that its non-manufacturing business activity index, which describes the performance of the single largest part of the U.S. economy, stood at 60.8 in February versus 65.7 in January, the highest reading in a survey that dates back to July 1997.

Readings above 50 indicate expansion. February's level was under the 63.0 expected by economists.

Almost every major category showed smaller advances compared with January, but it was still the 11th straight month of growth for the non-manufacturing survey, the ISM said. The group said survey respondents offered assessments of business conditions that ranged from "things are getting better, faster," to the economy is "warming up, but very slowly."

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