US services sector growth slowed in March for the second consecutive month, with ISM Services PMI at 51.4.
The US services sector's growth cooled in March for the second month in a row, with the Institute for Supply Management's (ISM) Services PMI falling to 51.4, its lowest level since February 2022, from 52.6 in February. A reading above 50 indicates expansion in the sector. The drop was driven by a decrease in the supplier deliveries index to a record low, reflecting increased supplier constraints. Furthermore, a gauge of input costs dropped to a four-year low, suggesting that inflationary pressures in the sector may be easing.
April 03, 2024
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