NEW YORK - The Institute for Supply Management's non-manufacturing business activity composite index was 51.5 in August, down from 54.3 in July, on a seasonally adjusted basis, the group said today.
Economists polled by Thomson Reuters had expected a 53.5 level.
An index reading below 50 signals a slowing economy, while a level above 50 suggests expansion.
The prices paid index, closely watched for signs of inflation, rose to 60.3 from 52.7.
The employment index decreased to 48.2 from 50.9.
The business activity/production index fell to 54.4 from 57.4, the new orders index was at 52.4, down from 56.7; backlog of orders slipped to 50.5 from 52.0; new export orders increased to 46.5 from 52.0; inventories decreased to 53.5 from 55.5; inventory sentiment rose to 60.0 from 59.0; the supplier deliveries index fell to 51.0 from 52.0; and imports rose to 50.5 from 48.0.
