U.S. services sector activity hit a more than 19-month low in March and private ...
WASHINGTON - U.S. services sector activity hit a more than 19-month low in March and private payrolls grew less than expected, underscoring a loss of momentum in the economy that supports the Federal Reserve’s move to suspend interest rate hikes this year.
“The yin and yang of the numbers makes it clear that the year of tax-induced solid growth is over,” said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. “But growth is still decent.” It said 16 industries, including utilities, real estate, finance and insurance, healthcare and social assistance, information, and professional, scientific and technical services reported growth last month. The two industries reporting contraction were education services and retail trade.Businesses in the accommodation and food services industry complained that “labor is tight and in short supply.
“For the most part, GDP source reports have firmed lately following some very weak readings around the turn of the year,” said Daniel Silver, an economist at JPMorgan in New York. “The timelier survey data signal that the recent firming may be temporary.”
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