Looking at the details of the report, output growth and employment growth slowed down. The output component fell 10.2 points to 59.0, while the employment component fell 1.9 points to 53.7. The forward looking indicators however, remained stable or even improved further. New orders fell only 0.3 point to a still strong 64.1 and backlogged orders rose 4.0 points to 56.0. Unless there are significant negative future economic shocks, it appears that service sector growth will continue at a solid pace in the upcoming months.
|>50 = expansion||Mar||Feb||Jan||Dec||Nov||Oct|