Non-Manufacturing Growth Slows In February

ByJohn S. McClenahen Like the manufacturing sector, the non-manufacturing sector of the U.S. economy continued to grow in February but at a slower pace than in January, according to the Institute for Supply Management (ISM). The Tempe, Ariz.-based group's index of non-manufacturing business activity was 60.8% last month, nearly five percentage points lower than its 65.7% mark in January. February, nevertheless, was the index's eleventh consecutive month of growth. Among ISM members surveyed, 35% reported an increased level of business activity in February (down from 40% in January), 13% reported a lower level of activity (down from 20% in January) and 52% reported no change (up from 40% in January).