US Composite PMI Dips Below Expectations in April

In a revealing report by S&P Global, the United States Purchasing Managers' Index (PMI) Composite Output Index for April was recorded at 50.6, marking a noticeable decline from March's 53.5. This figure not only falls short of analysts' expectations but also represents the lowest point since September 2023.

Services Sector Shows Signs of Weakness

The Services PMI Business Activity Index also experienced a downturn, dropping to 50.8 in April from 54.4 in March, reaching its lowest since November 2023. "A worrying backstory is developing in the vastly larger services economy," commented Chris Williamson, S&P Global's Chief Business Economist, highlighting concerns over business activity and hiring nearing a stall amid plummeting business confidence.