Services PMI® at 51.9%; April 2023 Services ISM® Report On Business®

Business Activity Index at 52%; New Orders Index at 56.1%; Employment Index at 50.8%; Supplier Deliveries Index at 48.6%

TEMPE, Ariz., May 3, 2023 /PRNewswire/ -- Economic activity in the services sector expanded in April for the fourth consecutive month as the Services PMI^® registered 51.9 percent, say the nation's purchasing and supply executives in the latest Services ISM^® Report On Business^®. The sector has grown in 34 of the last 35 months, with the lone contraction in December.

The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management^®(ISM^®) Services Business Survey Committee: "In April, the Services PMI^® registered 51.9 percent, 0.7 percentage point higher than March's reading of 51.2 percent. The composite index indicated growth in April for the fourth consecutive month after a reading of 49.2 percent in December, the first contraction since May 2020 (45.4 percent). The Business Activity Index registered 52 percent, a 3.4-percentage point decrease compared to the reading of 55.4 percent in March. The New Orders Index expanded in April for the fourth consecutive month after contracting in December for the first time since May 2020; the figure of 56.1 percent is 3.9 percentage points higher than the March reading of 52.2 percent.