Markit US Services PMI Drops; Job Creation Near 2-Year Lows

Markit's US Services PMI dropped and missed expectations input and output prices soared, employment tumbled, and business activity slowed. Staffing levels increaed at the slowest pace since June 2012 and the latest expansion of new business was only slightly faster than the 18-month low seen in March, and weaker than recorded at any time in 2013. So much for that post-weather pent-up-demand surge...

Relatively subdued new business growth and weaker rises in output contributed to a slowdown in job creation in April. The latest expansion of service sector payroll numbers was only marginal and the weakest since June 2012 (it was also the joint-slowest rise in staffing levels for almost four years).


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