Wall Street Journal (10/05/15) Kate Davidson

The U.S. service sector in September grew at a slower pace, according to the Institute for Supply Management. The ISM’s nonmanufacturing purchasing managers index fell from 59.0 in August to 56.9 in September. Despite the decline the level is still high, economists said. New orders decreased from 63.4 in August to 56.7 in September.

The employment index rose from 56.0 to 58.3. “I’ve always said as the employment index goes, that’s how this sector goes, because it’s so labor intensive,” says Anthony Nieves, chairman of the ISM’s nonmanufacturing business survey committee. The employment index “tells me that in the pipeline perhaps the various companies and industries that make up this sector are thinking, ‘Hey we still have stuff coming down the road, so we’re hiring here.'”