Service Sector Contracts for First Time in Years

New York, NY, February 5, 2008--The nation's service sector contracted in January for the first time since March 2003, according to the Institute for Supply Management.

The trade group said that its index of service sector business activity fell to 44.6 in January from a revised reading of 54.4 in December.

The ISM's manufacturing index l below 50 for December, to 48.4, before rebounding on Friday to 50.7 for January.