Services sector articles
-
ISM service-sector gauge weakens sharply in April
The Institute for Supply Management said on Friday that its service-sector PMI dropped sharply to 49.4% in April from 51.4% in the prior month.
-
US service sector contracts in April; price pressures reaccelerate
The Institute for Supply Management (ISM) said on Friday that its non-manufacturing PMI fell to 49.4 last month from 51.4 in March, the lowest reading since December 2022. A reading above 50 indicates growth in the services industry, which accounts for more than two-thirds of the economy. The slowdown in economic growth comes after 525 basis points worth of interest rate hikes from the Federal Reserve since March 2022 designed to quell elevated inflation.
-
UK economy continues recovery as services sector hits highest level of growth in a year
The UK services sector saw a spike in new orders in April but cost pressures also increased at the fastest rate since August.