US services sector economic activity at slowest pace in 11 months

By Ovunc Kutlu

ANKARA (AA) - Economic activity in the US services sector slowed to a pace not seen in 11 months in January, according to data released Thursday.

The ISM non-manufacturing purchasing managers' index (PMI), also known as the ISM Services PMI, fell 2.4 percentage points from the previous month to 59.9, the survey by the Institute for Supply Management (ISM) showed.

Analysts expected the index, which indicates the overall economic condition of the non-manufacturing sector, to come in with a reading of 59.5, after hitting 62.3 in December.

Despite the slowdown and reaching its lowest level since last February, economic activity grew in January for the 20th month in a row. An index above the level of 50 indicates expansion.

The index stood at an all-time high of 69.1 in November.