Growth slows at US service providers as price gauge surges

From msn.com

The 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. The 7.7-point increase from a month earlier was the largest in nearly 14 years, comparable to the change seen in the group’s manufacturing survey. The ISM services index fell 2.1 points to 54, dragged down by weaker employment and less growth in business activity. ... (full story)