Services Sector Expands at Slower Pace in January

Washington, DC, Feb. 5, 2013 — The economy’s services sector grew at a slightly slower pace in January, according to the Institute for Supply Management.

ISM said its survey fell to 55.2% last month from 55.7% in December. Economists  had expected the index to slip to 55.0%. Reading over 50% indicate that more companies are expanding instead of shrinking.

Eight industries reported growth last month, down from 13 in December. Nine reported contraction.