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PMI Services Sees Notable Downward Revision But Still Highest Since June

US DATA
  • The services PMI increased by notably less than first thought in the final March release, rising from 50.6 to 52.6 (initial 53.8).
  • Nevertheless, it still chalked up its highest level since Jun’22 with data collected 10-29 March and so capturing more the initial fallout from regional banking woes.
  • “The rise in output was driven by a renewed increase in new business, the first expansion since last September.”
  • “On the price front, input costs rose at the second-slowest pace since October 2020. Nevertheless, efforts to pass through higher costs to clients resulted in a steep and accelerated increase in selling prices.”
  • ISM Services at 1000ET follows shortly.
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