US service sector shrinks; first time since Great Recession
Last updated 5/5/2020 at 11am
AP Economics Writer
WASHINGTON (AP) — The U.S. service sector shrank for the first time in a decade last month as the pandemic forced shutdowns and layoffs nationwide.
The Institute for Supply Management said Tuesday that its service-sector index fell to 41.8 in April, compared with a March reading of 52.5.
Any reading below 50 signals that the service sector, where the majority of Americans work, is in a contraction. It was the first time the services index has been in contraction since December 2009 and it was the lowest reading since March of that year with the nation...