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WASHINGTON: Growth of the key US services sector fell to its lowest level in eight months in August amid a weakening economic recovery, a survey report said on Friday.
The Institute of Supply Management said its non-manufacturing index, based on surveys of purchasing and supply executives, fell to 51.5 - the lowest level since January - from 54.3 in July.
Any number above 50 indicates growth in the sector, which accounts for around two-thirds of US economic activity.
Most analysts had expected the index to hit 53.0 in August, the eighth consecutive month of growth.
"Respondents' comments continue to be mixed about business conditions and the state of the overall economy," said Anthony Nieves, chair of the ISM's non-manufacturing business survey committee.
Despite the deceleration in growth, business activities and new orders remained entrenched in an expansion cycle, analysts at Briefing.com said.
"This was a soft report that further points to slow growth ahead. Consumers may be spending but it doesn't look as if they went out and blew the bundle on their summer vacation," said Joel Naroff, chief economist at Naroff Economic Advisors.
- AFP/de
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