WASHINGTON, Oct 3 (Reuters) – US services sector activity slowed to a three-year low in September amid rising concerns about tariffs, the latest sign that trade tensions were eroding economic momentum.Despite the rising risks of a recession, the economy likely remains on a moderate growth path. Other reports on Thursday (Oct 3) showed the number of Americans filing for unemployment benefits rose slightly last month and layoffs fell to a five-month low in September. Labour market strength, which is supporting consumer spending, is driving the longest economic expansion in history, now in its 11th year.The Institute for Supply Management (ISM) said its non-manufacturing activity index fell to a reading of 52.6 in September, the lowest since August 2016, from 56.4 in August.A reading above 50 indicates expansion in the services sector, which accounts for more than two-thirds of US economic activity. Economists polled by Reuters had forecast the index would fall to 55.1 in September.The ISM said businesses “are mostly concerned about tariffs, labor resources and the direction of the economy.”The ISM reported on Tuesday that its measure of national manufacturing activity plunged in September to its lowest level since June 2009, when the Great Recession was ending.Economic growth estimates for the third… Read full this story
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