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U.S. service sector growth slowed as oil prices surged due to Middle East conflict.
The U.S. services sector grew more slowly in March, with the ISM index dropping to 54.0, though prices paid surged to the highest level in over 13 years.
This increase was driven by the ongoing conflict in the Middle East, which spiked oil prices and pushed the national average for gasoline above $4 a gallon.
While new orders remained strong, these inflationary pressures have raised concerns about the Federal Reserve holding interest rates steady.
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El crecimiento del sector servicios de Estados Unidos se desaceleró a medida que los precios del petróleo aumentaron debido al conflicto de Oriente Medio.