- US service sector growth lost momentum in March.
- The DXY Dollar Index remains in a daily range near 101.50.
Economic activity in the US service sector expanded at a slower pace in Marchwith the ISM services PMI falling to 51.2 points from 55.1 in February. This result was lower than market expectations, which placed it at 54.5 points.
The inflation component of the PMI survey, the Prices Paid sub-index dropped to 69.5 from 65.6 in February, while the New Orders sub-index fell sharply to 52.2 from 60.4 and the Employment sub-index fell to 51.3 since 54.
Anthony Nieves, Chairman of the ISM Service Companies Survey Committee, commented that “there has been a setback in the growth rate of the services sector, mainly attributed to (1) a cooling in the growth rate of new orders(2) an employment environment that varies across industries and (3) continuous improvements in capacity and logisticswhich has a positive impact on supplier performance.”
Market reaction
The DXY Dollar Index remains in its daily range around 101.50 following this report.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
