US Composite PMI Hits Lowest Since September 2023

The United States Purchasing Managers' Index (PMI) Composite Output Index, a key indicator of economic health combining services and manufacturing sectors, unexpectedly fell to 50.6 in April from 53.5 in March. This marks the lowest level since September 2023, as reported by S&P Global on Monday.

Services Sector Shows Significant Slowdown

The Services PMI Business Activity Index also saw a notable decrease, dropping to 50.8 in April from 54.4 in March, reaching its lowest point since November 2023.

Expert Insight: "Amid the buzz around manufacturing due to tariff announcements, the services economy tells a concerning tale. April saw business activity and hiring nearly stall, with business confidence taking a sharp dive," remarked Chris Williamson, S&P Global's Chief Business Economist.