US ISM Services PMI fell from 52.6 to 51.4 in March, below expectation of 52.8. Business activity/production ticked up from 57.2 to 57.4. New orders fell from 56.1 to 54.4. Employment rose slightly from 48.0 to 48.5. Prices fell sharply from 58.6 to 53.4.
ISM said: “The past relationship between the Services PMI and the overall economy indicates that the Services PMI for March (51.4 percent) corresponds to a 0.8-percent increase in real gross domestic product (GDP) on an annualized basis.”
Full US ISM services release here.
