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U.S. Services Index Drops To Nine-Month Low In March
(RTTNews) - U.S. service sector growth slowed by more than anticipated in the month of March, according to a report released by the Institute for Supply Management on Thursday.
The ISM said its services PMI fell to 50.8 in March after inching up to 53.5 in February. While a reading above 50 still indicates growth, economists had expected the index to show a more modest decrease to 53.0.
With the bigger than expected decrease, the services PMI dropped to its lowest level since hitting 49.2 in June 2024. The decline by the headline index partly reflected a notable downturn by employment in the service sector.
The employment index tumbled to 46.2 in March after rising to 53.9 in February, indicating the first contraction since September 2024.
The report said the new orders index also dipped to 50.4 in March from 52.2 in February, although the business activity index rose to 55.9 in March from 54.4 in February
On the inflation front, the pries index fell to 60.9 in March from 62.6 in February, suggesting a slower pace of price growth.
A separate report released by the ISM on Tuesday showed activity in the U.S. manufacturing sector contracted in March after two consecutive months of expansion.
The ISM said its manufacturing PMI dipped to 49.0 in March from 50.3 in February, with a reading below 50 indicating contraction. Economists had expected the index to edge down to 49.5.
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