US ISM non-manufacturing composite dropped to 56.1 in March, down notably from 59.7 and missed expectation of 58.0. Looking at some details, Business Activity Index dropped -7.3 to 57.4. New Orders dropped -6.2 to 59.0. Employment, however, rose 0.7 to 55.9.
ISM noted: “The non-manufacturing sector’s growth cooled off in March after strong growth in February. Respondents remain mostly optimistic about overall business conditions and the economy. They still have underlying concerns about employment resources and capacity constraints.”
