US Services Activity Contracts for First Time Since 2023

US services activity shrank in March for the first time in three years as a gauge of new business slumped in the wake of the Iran war.

The S&P Global final March services business activity index fell to 49.8 from a preliminary reading of 51.1, data released Friday showed. Figures below 50 indicate contraction. A gauge of prices paid for inputs climbed to a three-month high, leading to a pickup in prices charged to customers.