With the ISM Services PMI falling to 51.2 from 55.1 in February. Economic activity in the US services sector grew at a slower rate in March.
In comparison to the market forecast of 54.5, this number was weaker. Price Paid sub-index, which represents inflation in the PMI survey, decreased slightly to 69.5 from 65.6 in February. While New Orders sub-index fell drastically to 52.2 from 60.4 and Employment sub-index decreased to 51.3 from 54.
According to a statement made in response to the data, “there has been a slowdown in the rate of growth for the services sector, mainly due to (1) a cooling off in the new orders growth rate, (2) a labor market that varies by industry, and (3) ongoing capacity and logistics improvements, which have a positive impact on suppliers.”
Anthony Nieves, Chair of the ISM Services Business Survey Committee, stated that performance.
