Today, the Institute for Supply Management released their latest Non-Manufacturing Report on Business indicating that service related economic activity pulled back notably throughout April.At 53.7 the business activity index weakened dropping 10.05% since March and sliding 8.83% below the level seen a year earlier.
Like the ISM Manufacturing index released earlier this month, the non-manufacturing sector respondents are raising some concern over pricing pressures:
"Looking forward with reserved caution. Cost of goods by this fall are a big worry." (Accommodation & Food Services)
"Continuing economic uncertainty will curtail or delay project spending for the immediate future." (Educational Services)
"Fuel prices continue to be challenging and in addition to shipping, are influencing the cost of materials." (Public Administration)
"We are seeing price increases in many areas, and the lead times are stretching out. Our business activities are improving at a moderate rate." (Wholesale Trade)
