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US Mar Services PMI Falls Below 50, First Contraction in Over Three Years
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S&P Global announced on Friday that the US Services Purchasing Managers' Index (PMI) fell to 49.8 in March from 51.7 in February, and was further revised down from the flash reading of 51.1. This marked the first drop below 50 in more than three years, indicating the sector has returned to contraction. During the period, new order growth was the weakest since April 2024. Companies cited declining client confidence and softer demand, partly affected by tensions in the Middle East. Export activity also deteriorated further, with tariffs and geopolitical tensions weighing on trade performance. Meanwhile, business confidence fell to a five-month low. Rising energy costs intensified concerns over inflation and consumption. Employment also declined for the first time since December last year, suggesting companies have become more cautious in hiring. In addition, input cost inflation climbed to the highest level this year, mainly driven by energy prices. Companies continued to pass on higher costs to customers, pushing selling price inflation to an eight-month high. (me/s) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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