U.S. March Service Sector Price Index Soars to New Highs Since October 2022

CycleProphet · 2026-04-06T14:16:04+00:00

In March, the U.S. service sector's expansion slowed down, with employment decline reaching a new high in 2023. The Service Price Index rose to 70.7, the largest increase in nearly 14 years, mainly due to rising energy costs and weakened business activity.

CycleProphet

2026-04-06 14:16:04

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Deepwave TechFlow message. April 6, according to JIn10 Data, JIn10 Data reported on April 6 that the U.S. services sector saw a slowdown in March expansion, with employment declining by the largest amount since 2023 and input prices rising sharply. Based on data released on Monday, the Institute for Supply Management (ISM) services price index rose to 70.7, the highest since October 2022, up 7.7 percentage points from the previous month, the largest increase in nearly 14 years. The ISM services index fell by 2.1 percentage points to 54, mainly due to weak employment and a slowdown in growth in business activity. Affected by the Iran war, energy and other input costs rose sharply, putting pressure on companies. The services employment index dropped by 6.6 percentage points to 45.2, one of the largest monthly declines since the COVID-19 pandemic. The business activity index fell by 6 percentage points to 53.9, the largest drop since mid-2024. The supplier deliveries index rose to the highest level since October 2024. Growth in new orders for service providers was the strongest in more than three years.

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