US Composite PMI Shows Significant Decline in April

The United States Purchasing Managers' Index (PMI) Composite Output Index has revealed a concerning downturn, falling to 50.6 in April from 53.5 in March. This marks the lowest level since September 2023, as reported by S&P Global in its final analysis on Monday.

Services Sector Hit Hard

In a parallel decline, the Services PMI Business Activity Index dropped to 50.8 in April from 54.4 in March, reaching its lowest point since November 2023. This downturn signals a worrying trend in the services economy, which far outweighs the manufacturing sector in size.

Expert Insights

Chris Williamson, S&P Global's Chief Business Economist, highlighted the growing concerns: "While manufacturing captures headlines due to tariff announcements, the services sector is facing its own challenges. Business activity and hiring are nearing a standstill, with business confidence taking a significant hit in April."