The service sector ISM slipped to 57.1 in April. While supply remains a problem for service-producers, a pullback in demand and hiring were the top factors weighing on activity during the month. Price pressures show little signs of abating, as finding and retaining qualified workers remains a problem across the industry. We have downwardly revised our hiring forecast for April and now expect employers added 300K jobs during the month.
Activity in the service sector stumbled in April according to the latest ISM services report. Even as every industry other than information reported growth, the pace of expansion downshifted last month as continued supply issues, sky-high inflation and a pullback in demand weighed on activity. The overall index defied expectations for a modest improvement and slipped 1.2 points to 57.1. READ FULL ARTICLE>>