- ISM services PMI declined 1.2 points in March to 51.4
- Measures of supplier deliveries and new orders decreased
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.
The index of prices paid for materials and services decreased more than 5 points to 53.4, the lowest since March 2020, according to the report issued Wednesday.
