US services sector activity dips in April, ISM says
Overall activity in the US services sector nudged lower last month, even as output edged higher, with many sectors reporting a shortage of skilled workers.
The Institute for Supply Management's non-manufacturing purchasing managers' index dipped by 0.6 points from March's level to hit 55.5, falling short of a rise to 57.2 anticipated by economists.
A gauge of production levels in services rose by 2.1 points to 59.5, but the sub-index tracking new orders retreated by 0.9 points to 58.1 and another tied to employment by 2.2 points to 53.7.
Price growth also slowed, with the corresponding sub-index of by 3.0 points to 55.7, but another for new export orders climbing by 4.5 points to 57.0.
Worth noting perhaps, purchasing managers in Agriculture, Health Care, Public Administration and Retail reported difficulty qualified workers or wage pressures.
And in Scientific & Technical Services, managers cited "several cancellations" that were attributed to "an international business situation".
According to the ISM, April's reading on the services PMI was consistent with an annualised pace of GDP growth of 2.4%.