Growth Slows at US Service Providers as Price Gauge Surges
A pedestrian on Park Avenue in the Plaza District of New York.
Photographer: John Taggart/BloombergThe US service economy expanded in March at a slower pace as employment shrank by the most since 2023 and input prices accelerated sharply.
The Institute for Supply Management’s gauge of prices paid for services and materials jumped to 70.7, the highest since October 2022, according to data released Monday. Readings above 50 indicate expansion.