Services sector growth continues in April, reports ISM

Services sector growth continued in April, rising for the 10th consecutive month, according to the new edition of the Services ISM Report on Business, which was released today by the Institute for Supply Management (ISM).

The April Services PMI, at 51.6 (a reading of 50 or higher signals growth) increased 0.8% over March, growing, at a faster rate, for the 10th consecutive month, and for the 56th time in the last 59 months, going back to the initial recovery from the pandemic in June 2020. It was 1.0% below the 12-month average of 52.6, with October 2024’s 55.8 and June 2024’s 49.2 marking the respective high and low readings over that period.

ISM reported that 11 of the services sectors it tracks saw growth in April, including: Accommodation & Food Services; Wholesale Trade; Mining; Real Estate, Rental & Leasing; Retail Trade; Arts, Entertainment & Recreation; Health Care & Social Assistance; Transportation & Warehousing; Information; Educational Services; and Utilities. Sectors seeing contraction included: Agriculture, Forestry, Fishing & Hunting; Professional, Scientific & Technical Services; Finance & Insurance; Management of Companies & Support Services; Public Administration; and Construction.

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