US service sector growth slows sharply in February

WASHINGTON (AP) — The services sector, where most Americans works, grew at a sharply slower pace in February with various problems related to the pandemic hindering growth. The Institute for Supply Management said Wednesday that its index of service sector activity dropped to a reading of 55.5% in February, down 3.4 percentage-points from the January level of 58.7, which had been near a two-year high. Even with the decline, it was the ninth straight month of growth in the services sector. Any reading above 50 signifies growth.