Economic Buzz: US ISM Services Sector Growth Slows In April

5 May 2022 , 09:39 AM

The Institute for Supply Management released a report on Wednesday showing an unexpected slowdown in the pace of growth in U.S. service sector activity in the month of April. The ISM said its Services PMI fell to 57.1 in April from 58.3 in March, although a reading above 50 still indicates growth in the sector. The report showed the employment index slid to 49.5 in April from 54.0 in March, while the new orders index slumped to 54.6 from 60.1. Meanwhile, the business activity index climbed to 59.1 in April from 55.5 in March, indicating an acceleration in the pace of growth. The report also showed the prices index inched up to a record high of 84.6 in April from 83.8 in March, suggesting prices increased at a modestly faster pace. The ISM said its manufacturing PMI fell to 55.4 in April from 57.1 in March.

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