Economic activity in the non-manufacturing sector grew in March but at its slowest pace since last August, according to the Institute for Supply Management’s non-manufacturing report on business released today.

The institute’s non-manufacturing business activity index fell in March to a reading of 54.4 from February’s reading of 56.0, which was the highest reading in the last 12 months. Readings above 50 indicate growth.

The employment portion of the index also posted slower growth with a reading of 53.3 in March, down 3.9 percentage points from February’s reading of 57.2.