U.S Services PMI in April was 62.7%, 1 percentage point lower than March’s record high of 63.7%, according to the Institute of Supply Management press release. The April reading was an 11th month of expansion in the services sector.
The Supplier Deliveries Index was 66.1%, a gain of 5.1 percentage points from March’s 61%.
The Prices Index was 76.8%, up 2.8 percentage points from March’s 74% and is the highest reading since July 2008.
Pent-up demand is seen to continue, as capacity bottlenecks, material shortages, logistics and human resource challenges continue to affect deliveries.
U.S stocks and the dollar are currently gaining. SPY is up 0.38%, QQQ is up 0.44%, EURUSD is down 0.13%.
