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Carbon tax protest at Nova Scotia-New Brunswick border | SaltWire #newbrunswick #novascotia #rallyWASHINGTON - U.S. services industry growth slowed further in March, while a measure of prices paid by businesses for inputs dropped to a four-year low, which bodes well for the inflation outlook.
Growth is slowing following 525 basis points worth of interest rate hikes from the Federal Reserve since March 2022. The U.S. central bank is expected to start cutting rates this year, but the timing will depend on how inflation behaves.A measure of new orders received by services businesses slipped to 54.4 last month from 56.1 in February. Production remained strong, with a gauge of business activity edging up to 57.4 from 57.2 in the prior month.
Supply of inputs to services business improved further last month. The supplier deliveries measure declined to 45.4 from 48.9 in February. A reading below 50 indicates faster deliveries. The drop in this measure contributed to the decline in the services PMI.
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