U.S. service sector slows down
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Lingering hopes that the U.S. economy might avert a recession withered Tuesday after the nation's service sector Â its banks, travel companies, contractors and stores, among others Â shrank for the first time in five years.
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U.S. job growth slowed sharply last month, and many workers' incomes fell, as automakers, airlines and retailers trimmed their payrolls, reducing consumers' buying power just as the holiday season was beginning.
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Growth in the vast U.S. services sector slowed in September, with a significant decrease in prices paid but a solid employment component, according to an industry survey published on Tuesday.
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Growth of the US economy slowed to an annual rate of 2.8 percent in the second quarter of this year, lower than the 3.0 percent rate previously estimated, the US Commerce Department reported on Friday.
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US manufacturing growth slowed more than expected in September - its sharpest drop in over a year - official figures show.
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The nation's service sector grew in December at a pace slightly slower than the month before, providing more evidence that the U.S. economy is struggling because of higher oil prices and a tight credit market.
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U.S. stocks edged lower on Wednesday after weaker-than-expected data on the U.S. services sector added to concerns about the state of the economy and pushed the Dow back from Tuesday's record high.
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Housing starts nationwide sank to a 14-year low last month as concern grew about the effects the faltering industry could have on the U.S. economy.
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WASHINGTON -- The economy grew at a sluggish 2.2 percent pace in the final quarter of last year, much slower than initially thought as businesses tightened their belts amid fallout from the troubled housing and automotive industries.
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The dollar sagged on Tuesday, weighed  down after separate reports showed the giant U.S. services  sector grew more slowly than expected in September and layoffs  surged to an eight-month high.
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Growth in the vast U.S. services  sector slowed in September, with a significant decrease in  prices paid but a solid employment component, according to an  industry survey published on Tuesday.
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The US economy will slow in the second half of the year and the risk of recession remains, the OECD warns.
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Growth in the services sector slowed in August although managers seemed more willing to hire new workers.
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Factory activity in the U.S. Mid-Atlantic region contracted sharply in January and home building in December fell to the slowest pace since the early 1990s, according to reports on Thursday that reinforced fears of recession.
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The service sector of the economy showed slower growth in January, as the rate of expansion in both employment and inflation pressures softened, the Institute for Supply Management said Thursday.
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A gauge of future economic activity showed the U.S. economy will slow in coming months, reversing recent gains and suggesting higher gas prices and a sluggish construction industry are beginning to take their toll
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The pace of growth in the U.S. service  sector improved in January, prompted by steady new orders and a  decline in prices paid by service companies, according to a  report released on Monday.