Growth in much of the world's service sector was anaemic in July as firms around the world worried about the debt crisis in Europe and the US as a well as slowing consumer demand, business surveys showed mid this week.
World stocks tumbled, with the US S&P 500 stock index falling to a new low for the year as worries grew that fiscal cutbacks and stagnating output would prolong a global economic slowdown and aggravate Europe's debt crisis.
The vast US services sector expanded at its weakest pace since February 2010, with an index from the Institute for Supply Management falling to 52.7 in July from 53.3 in June. (AFP)
World stocks tumbled, with the US S&P 500 stock index falling to a new low for the year as worries grew that fiscal cutbacks and stagnating output would prolong a global economic slowdown and aggravate Europe's debt crisis.
The vast US services sector expanded at its weakest pace since February 2010, with an index from the Institute for Supply Management falling to 52.7 in July from 53.3 in June. (AFP)