US April composite PMI at 7-month low
The data showed the private sector payroll numbers were at the weakest of seven years as the number of staff hired by service providers eased when compared to the previous month. The data also showed that the operating margins decreased in April due to input price inflation reaching the highest level since June 2015.
The services PMI indicated only a moderate growth in new business in April. Poor demand as well as lower volumes of incomplete work caused only a limited number of staff to be hired in April. The slight rise in employment was the weakest recorded since July 2010.
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