US ISM Services Index Slows, Activity Loses Momentum in April
The United States service sector activity slowed in April, reflected in a decline in the ISM Services PMI to 53.6 from 54.0 in the previous month. This figure was also below analyst expectations, indicating continued service sector expansion, but at a more moderate pace.
Survey details show the Prices Paid Index, a key indicator of inflationary pressures, remained high and stable. Meanwhile, the Employment Index increased, indicating limited improvement in service sector labor market conditions.
Meanwhile, the New Orders Index weakened significantly compared to the previous month, reflecting a waning surge in new demand. The decline in this component signals that the service sector's growth momentum may continue to weaken in the near term.
Following the data release, the US dollar's movement remained limited. The Dollar Index (DXY) fluctuated within a narrow range.
Source: Newsmaker.id