US ISM Service : Despite headwinds, orders and activity both ramped up a bit – Wells Fargo By MSalordFX UnitedStates Banks
e been among the top challenges for the service sector for months, and Russia's war on Ukraine has worsened both, explained analysts at Wells Fargo. They noted that despite headwinds, “orders and activity both ramped up a bit and businesses are finally netting some new hires.”“The ISM services index rose in March to 58.3, a welcome improvement, but short of expectations for a more stout increase.
“Recent labor market developments also point to an improvement in labor supply. The 5.5 point gain in the employment component was large enough to push the index back into expansionary territory after signaling a contraction in February hiring.” If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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