Growth decelerates for US service firms as price index jumps
US Service Sector Growth Slows as Costs Climb
In March, the US service sector continued to grow, but at a reduced rate, as employment saw its steepest decline since last year and costs for goods and services surged. According to the Institute for Supply Management, the index tracking prices paid for supplies and services soared to 70.7—the highest level since October 2022. Any reading above 50 signals expansion. The index’s 7.7-point jump from the previous month marked the largest monthly increase in almost 14 years, mirroring trends in the manufacturing sector.
The overall ISM services index dropped by 2.1 points to 54, reflecting slower hiring and a moderation in business activity.
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