The US service sector slowed for the third consecutive month in February

The US Institute of Supply Management said today that the Services Purchasing Managers' Index in the United States fell to 56.5 points in February from 59.9 points in January, the lowest level in a year and the third consecutive monthly decline. The employment index fell to 48.5 points in February from 52.3 points in January, the first decline since June 2021, as inflation and supply constraints were exacerbated by the conflict between Russia and Ukraine.

The Markit Foundation said that supply chain disruptions, capacity constraints, inflation, logistical challenges and labor shortages affect the ability of service companies to meet demand, which has led to a slowdown in business activity and economic growth.