US Services Growth Cools as Price Gauge Drops to Four-Year Low
- ISM services PMI declined 1.2 points in March to 51.4
- Measures of supplier deliveries and new orders decreased
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Growth in the US services sector eased in March for a second month while a gauge of input costs slumped to a four-year low.
The Institute for Supply Management’s composite gauge of services fell 1.2 points to 51.4, largely reflecting a drop in the supplier deliveries index to a record low. Readings above 50 indicate expansion, and the March figure was lower than all but one estimate in a Bloomberg survey of economists.