U.S. services sector activity slowed to a three-year low in September amid rising concerns about tariffs, suggesting that trade tensions were spilling over to the broader economy. Coming on the heels of news this week that manufacturing activity plunged to a more than 10-year trough in September, the survey from the Institute for Supply Management (ISM) on Thursday increased the risks of a recession. For now, a solid labor market is keeping the economy on a moderate growth path. The raft of weak data could prompt the Federal Reserve to cut interest rates again this month to keep the longest economic expansion in history, now in its 11th year, on track. The U.S. central bank cut rates last month after reducing borrowing costs in July for the first time since the 2008 financial crisis. “This downturn is starting to spread and that means the tea leaf […]