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Gregory Daco: U.S. services sector expands despite Middle East conflict concerns

Gregory Daco: U.S. services sector expands despite Middle East conflict concerns
U.S. services activity expands, inflation elevated

Gregory Daco, industry influencer, reports that the U.S. services sector continues to expand, although many businesses are preparing for possible impacts from the ongoing conflict in the Middle East.

The latest ISM Services index stands at 53.6, a slight decrease of 0.4 points. Activity is reported at 55.9, showing a rise of 2 points, while new orders dropped to 53.5, down by 7.1 points. Employment rose to 48, increasing 2.8 points but remaining below the expansion threshold. Backlogs eased slightly to 53, with a 0.6-point decline. Inflation remains high at 70.7, unchanged since October 2022.

Earlier this year, Daco reported that U.S. services sentiment weakened in March as sector inflation reached its highest since October 2022, according to a previous update. The Bank of Canada recently kept its policy rate unchanged at 2.25 percent as global conflicts and U.S. trade policy contributed to heightened inflation risks, Daco noted separately. These developments provide context for current concerns about inflation and external pressures.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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