Economics
U.S. Services Growth Eases on Softer Employment, New Orders
- ISM’s gauge of service sector activity declined to 57.1
- Gauge of prices paid accelerated to a record in April
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Growth at U.S. service providers eased in April while cost pressures worsened, highlighting how decades-high inflation and an ongoing struggle to hire and retain workers is weighing on the sector.
The Institute for Supply Management’s gauge of services decreased to 57.1 last month from 58.3 in March, according to data out Wednesday. Readings above 50 signal expansion. The median estimate in a Bloomberg survey of economists was for a slight improvement to 58.5.