Growth at US services firms skids to slowest pace in 2 years
[...] the employment component was 49.7, which signals contraction.
U.S. economic growth increasingly hinges on consumers, as uncertainty about global growth has hampered manufacturing and exports.
The survey found that most service sectors are expanding, although it noted that retail, entertainment and mining contracted last month.
ISM reported this week that its manufacturing index stood at 49.5 in February — a level that shows factory activity as contracting.
The result has been a decline in oil prices and a rising dollar that have hurt orders at U.S. manufacturers.