Markit Economics’ reading of April services activity hit 55.0, beating consensus but declining from March’s 55.3 figure.
Analysts had forecast a reading of 54.5.
“…Service providers mostly noted that the current demand environment was insufficient to generate capacity pressures at their units,” the report said.
Here’s the chart:
Markit economist Chris Williams said the data were so-so:
“…The surveys suggest that the trend rate of growth has eased since late last year. With the exceptions of last October’s government shutdown and the weather-disruptions at the start of the year, April’s growth rate was the slowest since May last year.
“…The surveys are also signalling an easing in the rate of job creation since the start of the year, pointing to private sector payroll growth in the region of 100k, meaning a substantial slowing compared to the recent average 225k increases signalled by official data over the past three months.”
Reminder: the U.S. is a services-oriented economy.
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