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U.S. service sector growth slows down, new orders see the largest decline in three years
CryptoWorld News: The U.S. Institute for Supply Management (ISM) survey shows that due to the largest decline in new order growth in three years and sustained high cost pressures since the end of 2022, U.S. service sector expansion slowed for the second consecutive month in April. ISM’s April non-manufacturing PMI fell from 54.0 in March to 53.6, slightly below the expected 53.7. The business activity sub-index in the survey actually increased by 2 points to 55.9, but other sub-indices performed more weakly. The new orders index dropped from a three-year high of 60.6 in March to 53.5, a decrease of 7.1 points, the largest decline since March 2023. Meanwhile, cost pressures remain unchanged, with the paid prices index holding steady at 70.7, remaining at a high since October 2022. ISM’s supplier delivery index rose from 56.2 in March to 56.8, the highest level since July 2022.