The U.S. service industry unexpectedly shrank in April for the first time since 2022scratchthecat, a measure of corporate activity fell to a four-year low, and an indicator of input costs rose.
The Institute for Supply Management (ISM) comprehensive services index fell 2 points to 49scratchthecat.4, the lowest level since December 2022. A reading below 50 indicates shrinking industry activity, with April data lower than surveyedscratchthecatexpectations of all economists.