The U.S. economy's service side slowed in April due to high inflation and shortages

An ISM barometer of business conditions at service-oriented companies such as banks, retailers and hospitals fell 1.2 points in April to 57.1% and signaled...

The numbers: An ISM barometer of business conditions at service-oriented companies such as banks, retailers and hospitals fell 1.2 points in April to 57.1% and signaled that labor and supply shortages as well as high inflation are hurting the economy.Numbers... The numbers: An ISM barometer of business conditions at service-oriented companies such as banks, retailers and hospitals fell 1.2 points in April to 57.

A similar survey from the Institute of Supply Management of American manufacturers also posted the softest growth in April in 18 months. Big picture: Service-providing companies have rebounded from the decline in coronavirus cases and a shift in consumer spending toward “experiences” instead of goods. Think leisure and entertainment instead of clothes or new televisions.

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