ISM Services Prices Jump to 70.7, Highest Since October 2022

Odaily Planet Daily reports that U.S. services growth cooled in March as hiring fell at the fastest pace since 2023 and cost pressures intensified. Data released Monday showed the Institute for Supply Management (ISM) Services Price Index surged to 70.7, the highest since October 2022. The measure rose 7.7 percentage points from the prior month, the biggest one-month increase in nearly 14 years. The headline ISM Services Index slipped 2.1 points to 54, weighed down by a sharp deterioration in employment and slower momentum in business activity. With the war in Iran pushing up energy and other input costs, companies are facing mounting pressure on expenses. The services employment index dropped 6.6 points to 45.2, one of the steepest monthly declines since the COVID19 pandemic. The business activity index fell 6 points to 53.9, the largest drop since mid2024. The supplier deliveries index climbed to its highest level since October 2024. New orders at service providers increased at the strongest pace in more than three years. (GoldTen)