Growth decelerates for US service firms as price index jumps
US Service Sector Growth Slows as Costs Climb
In March, the US service sector continued to grow, but at a reduced rate, as employment saw its steepest decline since last year and costs for goods and services surged. According to the Institute for Supply Management, the index tracking prices paid for supplies and services soared to 70.7—the highest level since October 2022. Any reading above 50 signals expansion. The index’s 7.7-point jump from the previous month marked the largest monthly increase in almost 14 years, mirroring trends in the manufacturing sector.
The overall ISM services index dropped by 2.1 points to 54, reflecting slower hiring and a moderation in business activity.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The "Goldilocks" market may have ended! Citi model turns bearish on tech stocks, funds shift sharply to defensive sectors
Citi's latest research report indicates that its fund flow model has completed a decisive divestment from the technology sector, establishing materials, communication services, and healthcare as the preferred long positions, while moving the technology sector into net short territory.
NYSE Adds Four Transfer Agents to Planned Tokenized Securities Venue
US Midterm Elections, How Does the Market View Today
The outcome of the US midterm elections, with the Democratic Party winning the House of Representatives, has already been priced in by the market. The real variable is the Senate—Democrats need a net gain of four seats. The most probable scenario, a "Democratic sweep," would actually be the least favorable for the stock market. Bank of America considers it a risk event that could cause a drop of over 10%. The first signal will be seen at 8:30 AM Beijing time on November 4th when the votes in Ohio are counted; votes from Texas, Michigan, Kansas, Iowa, and Nebraska will be revealed starting at 10 AM.
Crypto Sentiment Hits Extreme Lows as Open Interest Surges: 5 Altcoins to Accumulate Before the Market Turns
Crypto prices
More
