MNI DATA BRIEF: ISM Services Slow, But Prices At 13-year High

The ISM Services PMI eased in April from the record high seen in March, missing analyst expectations of a further gain. The Index fell 1pt to 62.7 in April, with the Business Activity sub-index seeing the largest drop, down 6.7pt to also stand at 62.7.

New Orders declined by 4pt to 63.2, but Supplier Deliveries rose 5.1pt to 66.1, hitting the highest level since May 2020. Prices paid rose to 76.8 from 74.0 in March, hitting the highest level since July 2008.

Among the other indicators, Inventory Sentiment recorded the largest drop, down 5.9pt to 46.8, shifting back to contraction territory after two consecutive months above the 50-mark and Inventories decreased by 4.9pt to 49.1, its lowest level since Sep 2020. Order Backlogs increased 5.5pt to an 8-month high of 55.7. Meanwhile, imports gained 5pt to 55.7 and exports rose 3.1pt to 58.6.