The ISM's gauge of service-sector activity fell to 54.1, its weakest reading since March.
A gauge of service activity slumped in July, pressed by declines in new orders and prices and weakness in employment.
[C9.] A gauge of service industries jumped to a record in March as orders and employment climbed, and a quarterly survey of chief executives showed their confidence in the economy is the highest in more than 20 years.
The report's gauge of service sector employment fell in September and was in contractionary territory for a fifth consecutive month, the first slump of this magnitude since 2003.
In a third report, a gauge of service companies' activity expanded in December by the most in nearly a year, driven by an increase in new orders and hiring, a trade group said.
The market is saying, 'Show me the money; show me the turnaround.' " The euro rose against the dollar, to 89.53 cents from 88.64 cents on Wednesday, after the National Association of Purchasing Management reported that its gauge of service-sector activity fell in August, to a four-year low of 45.5.
A gauge of service industries rose unexpectedly sharply to a record in March as orders and employment climbed, and a quarterly survey of chief executives showed that their confidence in the economy is the highest in more than 20 years, reports released yesterday showed.
Mixed economic data also helped whipsaw the market after factory orders for May rose more than expected, but a gauge of the services sector disappointed investors.
The gauge of the services sector confirmed the expectations of observers who anticipated a modest rise in the measurement but still came up short of signaling actual growth by passing the 50 mark.
Family satisfaction data may be useful to gauge quality of service delivery.
