US Services Growth Lowest in 9 Months: ISM
The ISM Services PMI experienced a notable decline in March 2025, dropping to 50.8 from February's 53.5, significantly below the predicted 53. This figure signifies the most sluggish growth in the services sector since June of last year. There was a decrease in new orders (falling to 50.4 from 52.2) and inventories (slipping to 50.3 from 50.6), with employment experiencing a sharp contraction (plummeting to 46.2 from 53.9). Additionally, supplier deliveries became less strained (dropping to 50.6 from 53.4), and there was a contraction in order backlogs for the seventh time in eight months (decreasing to 47.4 from 51.7). On a more positive note, production increased at a faster rate (rising to 55.9 from 54.4), and price pressures eased slightly (down to 60.9 from 62.6). Steve Miller, Chair of the ISM Services Business Survey Committee, noted, "This month has seen a significant rise in respondents reporting cost increases attributed to tariff activities. Despite growing comments on tariff effects and ongoing concerns about potential tariffs and reduced government spending, near-term sentiment remains closely balanced."
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