U.S. ISM nonmanufacturing index moderates in March

The U.S. ISM nonmanufacturing index moderated in the month of March. The index fell to 58.8 from February’s 59.5. The outturn was slightly lower than consensus expectation of 59. However, in spite of the moderation, the index continues to be comfortably in the expansion zone, and remains at levels in line with healthy services sector activity.

Looking into details, most of the March moderation was driven by a decline in new orders sub-index, which fell 5.3 points, followed by a fall of 2.2 points in business activity. However, on the upside, the employment sub-index rose 1.6 points. Suppliers’ deliveries also rose in the month, rising 3 points while prices rose higher. Overall, today’s report is favourable, while services sector is expected to underpin activity in months ahead, noted Barclays in a research report.

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