US ISM services falls to 49.4, back in contraction

US ISM Services PMI fell from 51.4 to 49.4 in April, well below expectation of 52.3. That’s the first contraction reading in after 15 months of growth. Business activity/production fell sharply from 57.4 to 50.9. New orders fell from 54.4 to 52.2. Employment tumbled from 48.5 to 45.9. Prices, however, jumped from 53.4 to 59.2. […]

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