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US services industry slowed down in March, with services pricing drop to four-year low, in-line with Fed’s outlook. According to Institute for Supply Management (ISM), Non-Manufacturing PMI for last month fell from 52.6 to 51.4. The index marks second monthly decline since its rebound in January.
(ISM Non-Manufacturing PMI)
Although the index remains above 50, indicating growth in the industry, the report which highlights depreciating services prices cements expectations for a rate cut. While Federal Reserve is expected to loosen their tight monetary policy, its timing is highly dependent on how inflation behaves.
On the other hand, new orders for services sector have slipped from 56.1 to 54.4 last month. Although production remains strong, slowing demand may be largely attributed to high interest rates setting, normalising economic momentum. Looking ahead, market participants will be paying attention to Friday’s Nonfarm Payrolls report, which is expected to increase by 200,000 jobs last month.
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