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4/22, 3:47 PM (Source: TeleTrader)
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US services sector activity at a 3-month-low in April

United States Services PMI Business Activity Index stood at 54.7 in April, a decrease of 3.3 index points in comparison to March's 58.0, S&P Global revealed in a preliminary report on Friday. Although the figures indicated a solid rise in service sector output at the start of the second quarter of 2022, the rate of activity growth eased to the slowest since January’s Omicron-induced knock to demand.

"The uptick in new sales was linked to the loosening of COVID-19 restrictions, especially for client-facing businesses. That said, the pace of expansion in new business also eased to a three-month low amid reports of labor and supply shortages and inflation dampening customer willingness to spend," it was stated in the report.

Additionally, the US Composite PMI Output Index was also at a 3-month-low, down by 2.6 index points from the previous month, standing at 55.1 in April. The latest data indicated a strong rise in private sector output, but one that was subdued by the impact of inflation on customer spending.

Baha Breaking News (BBN) / AY