U.S. service sector slows modestly in April: ISM survey

[admin]

U.S. services industry activity grew at a slightly slower pace in April, likely restrained by shortages of inputs amid a burst of demand that is being driven by massive fiscal stimulus and a rapidly improving public health environment. The Institute for Supply Management (ISM) said on Wednesday its non-manufacturing activity index fell to a reading of 62.7 last month from 63.7 in March, which was the highest on record. A reading above 50 indicates growth in the services sector, which accounts for more than two-thirds of U.S. economic activity.