Services Sector Inches Upward

Service sector growth in April rose just a smidgen – 51.9% – but that was all it took for respondents to the Services Index of the Institute for Supply Management.  It was the fourth month in which the Services PMI showed by being above 50%.

“There has been a slight uptick in the rate of growth for the services sector, due mostly to the increase in new orders and ongoing improvements in both capacity and supply logistics. The majority of respondents are mostly positive about business conditions; however, some respondents are wary of potential headwinds associated with inflation and an economic slowdown,” said Anthony Nieves, chair of the ISM Services Business Survey Committee.