US services PMI contracts, prints at 28-month low in February

By FXStreet The preliminary US services PMI came-in at 49.8, missing the estimated figure of 53.5 by a wide margin. The prior figure stood at 53.2.

Key Points

New orders index printed at lowest since Jan last year

Service sector charges increased only fractionally in February and the rate of inflation slipped to a five-month low

Weaker business sentiment and softer new order growth did not prevent a further upturn in payroll numbers in February
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Source:: FX Street