The second reading on April services

  • 14th consecutive month above 50
  • Initial reading was 52.5
  • Final March reading was 52.8
  • Composite index 53.2 vs 52.7 prior
  • Services employment 50.7 vs 50.8 flash and 51.8 prior -- matches lowest since July 2010
  • Composite employment 51.1 vs 51.7 prior -- lowest since Feb 2010

The slowdown in jobs growth shouldn't come as a huge surprise given that the US is near full employment but it's still a negative signal ahead of non-farm payrolls.

The ISM non-manufacturing index is due at the top of the hour.