Services growth lowest since March

Growth in the US service sector slipped in November to its lowest since March, showing some parts of the economy were feeling the strain of upheaval in credit markets and the lingering housing downturn, according to a report released on Wednesday.
The Institute for Supply Management's services index fell to 54.1 last month from 55.8 in October, the lowest reading since March and below economists' median forecast for a slip to 55.0. The dividing line between growth and contraction is 50. The new orders component slipped to 51.1 in November from 55.7 in October, the lowest since April 2003.
The prices paid index, a gauge of inflation pressures, jumped to 76.5 from 63.5. The employment index slipped to 50.8 from 51.8. The services sector represents about 80 percent of US economic activity, including businesses such as banks, airlines, hotels and restaurants.