ISM Service Sector Number Disappoints (SPX)

Just over an hour ago, The Institute for Supply Management reported that growth slowed in the US non-manufacturing sector during the month of August. It noted that its key index hit 51.5%, down from 54.3% in July.

The Street consensus was calling for a reading of 53.5%. note that a reading above 50% indicates expansion, while a reading below 50% indicates a contraction.

On the plus side, this has been the eight consecutive month of growth in the service sector.

The S&P 500 (CBOE: SPX) came off of its high of $1,105 right as the number was release. The market is currently trading higher by 7.23 points, at $1,097.

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