U.S. service-sector economic gauge hits lowest level in 28 months

[marmar]

http://www.marketwatch.com/story/services-gauge-drops-below-50-level-to-28-month-low-2016-02-24


A reading of services activity in the U.S. in February indicated contraction, a worrying sign that the blues that have hurt manufacturing may have spread to more domestically-oriented industries.

The Markit flash U.S. services purchasing managers index fell to a seasonally adjusted reading of 49.8 from 53.2 in January, marking the worst reading since the government shutdown in October 2013.

Any reading below 50 indicates more respondents said conditions were getting worse than getting better.

Markit said softer new-order growth, uncertainty about the economic outlook and disruptions from heavy snowfall on the east coast weighed on the index.