Friday, May 3, 2013

Service Industry Expansion Cooled in April

The service sector growth slowed in April, after cooling in March as well. The ISM non-manufacturing index fell to 53.1 in April from 54.4 the previous month. Despite the decline, services continue to outperform the manufacturing sector, which declined to 50.7 in April. Any reading over 50 indicates industry expansion.

The details of March’s report deteriorated across the board except for inventories and exports. The employment index dropped 1.3 points to 52.0. Overall business activity edged lower to 55.0 index points, losing 1.5 points from the previous month.

Despite the overall decline in March, the indexes remained above the neutral threshold of 50, signaling an expansion, albeit at a slower rate then the previous month.

Read the ISM release.

No comments:

Post a Comment

Please read our comment policy before making a comment.