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ISM Services Sees Lowest Prices Paid Index Since Pandemic

US DATA
  • ISM services misses at 51.4 (cons 52.8) in March after 52.6, and with downside surprises across the major components.
  • Prices paid: 53.4 (cons 58.4) after 58.6. This sub-index continues to see large changes – that’s now two 5.2pt and 5.4pt declines after the surprise 7.3pt jump in January.
  • Contrary to its mfg counterpart increasing to its highest since Jul’22 on Monday, this is the lowest prices series since Mar’20.
  • New orders: 54.4 (cons 55.5) after 56.1, lowest since Dec.
  • Employment: 48.5 (cons 49.0) after 48.0, consolidating sub-50 readings after some unexpected volatility around the turn of the year.
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  • ISM services misses at 51.4 (cons 52.8) in March after 52.6, and with downside surprises across the major components.
  • Prices paid: 53.4 (cons 58.4) after 58.6. This sub-index continues to see large changes – that’s now two 5.2pt and 5.4pt declines after the surprise 7.3pt jump in January.
  • Contrary to its mfg counterpart increasing to its highest since Jul’22 on Monday, this is the lowest prices series since Mar’20.
  • New orders: 54.4 (cons 55.5) after 56.1, lowest since Dec.
  • Employment: 48.5 (cons 49.0) after 48.0, consolidating sub-50 readings after some unexpected volatility around the turn of the year.