Published: 2024-04-03T14:15:37.000Z
U.S. March ISM Services - Prices paid weakest since March 2020
Senior Economist , North America
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March’s ISM services index of 51.4 from 52.6 is weaker than expected with detail showing an unexpected slowing in prices paid too, to 53.4 from 58.6, reaching its lowest level since March 2020 at the height of the pandemic. Prices paid do not contribute to the composite.
Of the four components that contribute to the composite the sharpest decline came from delivery times, to 45.4 from 48.9, and that is consistent with a message of easing inflationary pressures.
Business activity at 57.4 from 57.2 held up well, and employment at 48.5 from 48.0 was a little less weak.
New orders slipped to 54.4 from 56.1, within the recent range. The weaker than expected composite index does not look like a signal for significant economic weakness.
