WASHINGTON (AP) — Service firms that employ 90 percent of the U.S. work force expanded at a slightly slower pace in September than the previous month.
Meager pay increases and higher costs for food and gas have forced Americans to spend more carefully. The decline in spending is hurting the service industry, which covers a range of businesses from hotels and restaurants to financial firms and retailers.
The Institute for Supply Management said Wednesday that its service sector index dipped to 53 from 53.3 in August. Any reading above 50 indicates expansion for the sector. A measure of employment fell below 50, suggesting firms cut staff last month.
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