The Institute for Supply Management commented: “The decline in the composite index in April is a result of lower business activity, slower new orders growth, faster supplier deliveries and the continued contraction in employment.”
The Institute for Supply Management has also noted that overall business was generally slowing, although rates varied by company and industry.
Today, traders also had a chance to take a look at the final reading of the S&P Global Services PMI report. The report showed that S&P Global Services PMI declined from 51.7 in March to 51.3 in April, compared to analyst consensus of 50.9.
U.S. Dollar Index is trying to settle back above the 104.50 level as traders react to the weaker-than-expected ISM Services PMI report. Treasury yields also rebound after the strong pullback, which was triggered by the weak Non Farm Payrolls report.
