US Services PMI at 49.4%; April 2024 Services ISM Report On Business

Very weak report with persistent price pressures.

Business Activity Index, at 50.9%, indicates that services sector activity is still expanding, albeit at a slower pace. This suggests that while growth has decelerated, the sector is still managing to stay above the contraction threshold.

New Orders Index, at 52.2%, reflects growth in new business for service providers. This indicates that demand is still present, even though the rate of growth has slowed.

Prices Index, at 60.9%, indicates increasing costs for inputs. This upward trend in input costs could put pressure on margins for service providers and possibly lead to higher prices for consumers if companies pass on the costs.


The services sector contracted in April for the first time since December 2022, ending a period of 15 months of growth. Taking out the two post-covid readings, this was the lowest reading since 2009.

Employment Index, at 45.9%, shows a contraction in employment within the services sector. This downturn in employment could indicate reduced hiring or increased layoffs, potentially affecting consumer confidence and spending.

Supplier Deliveries Index stood at 48.5%, indicating faster deliveries, which might reflect weaker demand.

The comments from respondents reflect concerns about demand softening and supply chain disruptions, alongside rising costs and challenges in maintaining stable employment levels.

Agreed. Giving fuel to this correction/USD comeback.

No. I think this move is the aftermath of NFP. Overreaction, and now coming back down to earth. If it were flight to safety, the stock market would be coming down more than it is right now.

Do you attribute dollar appreciation to safe haven buying due to this weak data

Inflation is going down gradually but i do not see any of the central bank cutting rate any time soon... reason been that who does first will suffer it either in the mid term or long term.For example if ECB should cut interest rate first it will help the us dollar to strengthen the more.probably ie why central banks re delaying.

Selling MASSIVES Dows

we have all good place about NFP, earnings and unemployment, but i just dont realize gold and dollar come down so fast. if dollar down with the news. yeah absolutely with the news will go there but gold even follow up dollar down more than expecting. what's going on?

All terrible economics reports this morning. Just wait for it.

so usd/can should go short?