ISM Services Prices Paid Unchanged as US Job Openings Fall Slightly

Summary

Mike McKee reviews the March ISM services index (53.6, slightly below expectations), the prices paid sub-index unchanged at 70.7, and the JOLTS job openings data (6.87 million, down slightly). He also notes new home sales at 682,000, which beat expectations but remain low, with high mortgage rates keeping the housing market stagnant.

• ISM services index came in at 53.6, a touch lower than expected and down from 54.0.
• Prices paid index held at 70.7, still high but unchanged, a key Fed concern.
• New orders index fell sharply to 50.35 from 60.6.
• Employment index improved to 50.48 from 45.2, an input for the jobs report.
• JOLTS job openings fell to 6.87 million from 6.92 million (March data).
• Quits rate rose to 2.0% from 1.9%; layoffs rate edged up to 1.2%.
• New home sales were 682,000, above the 3% expected monthly growth with 7.4%.
• Housing market remains stagnant due to elevated mortgage rates pushing up.