Markit Economics released final services purchasing managers' index (PMI) for the U.S. on Thursday. Final U.S. services purchasing managers' index (PMI) fell to 49.7 in February from 53.2 in January, down from the preliminary reading of 49.8. It was the lowest level since October 2013.

A reading above 50 indicates expansion in the sector, a reading below 50 indicates contraction of activity.

The index was driven by a decline in new business.

"The Markit PMIs are signalling a stagnation of the economy in February, suggesting growth has deteriorated further since late last year," Chief Economist at Markit Chris Williamson said.