US service sector slows in March inflation cooling ISM survey

WASHINGTON (Reuters) – The U.S. services sector slowed more than expected in March as demand cooled, while a measure of prices paid by services businesses fell to the lowest in nearly three years, giving the Federal Reserve a boost in the fight against inflation. The Institute for Supply Management (ISM) said on Wednesday that its non-manufacturing PMI fell to 51.2 last month from 55.1 in February. A reading above 50 indicates growth in the services industry, which accounts for more than two-thirds of the economy. Economists polled by Reuters had forecast the non-manufacturing PMI decreasing to 54.5. The PMI remains…