May 5, 2022
1 min read

US Services sector expands slower in April

The New Orders Index figure of 54.6 per cent is 5.5 percentage points lower than the March reading…reports Asian Lite News

The services sector posted a slower growth in April than the previous month, amid continued supply bottlenecks and elevated inflation, the Institute for Supply Management (ISM) reported.

The Services Purchasing Managers’ Index (PMI) registered 57.1 per cent, 1.2 percentage points lower than March’s reading, according to the latest Services ISM Report on Business.

Any reading above 50 per cent indicates the services sector is generally expanding, Xinhua news agency quoted the report as saying.

The New Orders Index figure of 54.6 per cent is 5.5 percentage points lower than the March reading, the ISM report showed.

The Supplier Deliveries Index registered 65.1 per cent, 1.7 percentage points higher than reported in March, indicating slower deliveries and increased supply chain congestion.

The Employment Index slipped back into contraction territory in April at 49.5, 4.5 percentage points lower than the previous month.

The Prices Index reached an all-time high of 84.6 per cent, up 0.8 percentage point from the March figure, according to the report.

“While supply remains a problem for service-producers, a pullback in demand and hiring were the top factors weighing on activity during the month,” Tim Quinlan and Shannon Seery, economists at Wells Fargo Securities, said in an analysis.

“Price pressures show little signs of abating, as finding and retaining qualified workers remains a problem across the industry,” they said.

ALSO READ: Exports to Russia banned

Previous Story

Emirates boarding pass unlocks Dubai deals

Next Story

Biden names Indian American to body that monitors spies

Latest from -Top News

India-EU Trade Talks Resume

The proposed India-EU FTA covers 23 policy areas, or chapters, of which at least two – market access and rules of origin – have yet to be resolved….reports Asian Lite News India

India Launches Relief Ops in Bhutan

The Royal Government of Bhutan has expressed sincere gratitude to the Indian Army…reports Asian Lite News Amid unprecedented floods caused by a low-pressure system over the Bay of Bengal, relentless rainfall has

Piyush Goyal Heads to Doha for Trade Talks

During the visit, both sides are expected to discuss the proposed India–Qatar Free Trade Agreement (FTA)….reports Asian Lite News Union Commerce and Industry Minister Piyush Goyal will travel to Doha, Qatar, on

Jaishankar Hints at Tariff Deal with US

Jaishankar explained that the ongoing trade tensions largely stem from the inability of both sides to reach a common ground on several issues….reports Asian Lite News External Affairs Minister S. Jaishankar on
Go toTop

Don't Miss

US-built pier in Gaza will need to be removed and repaired

The pier, used to carry in humanitarian aid arriving by

Don’t care what India does with Russia, says Trump

On July 28, Medvedev had said that Trump should not