U.S. March Service Sector Price Index Soars to New Highs Since October 2022

DeepFlowTech · 2026-04-06T14:14:54+00:00

In March, the U.S. service sector's expansion slowed down, with employment decline reaching a new high in 2023. The Service Price Index rose to 70.7, the largest increase in nearly 14 years, mainly due to rising energy costs and weakened business activity.

DeepFlowTech

2026-04-06 14:14:54

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Deep Tide TechFlow message. On April 6, according to JIn10 Data, JIn10 Data’s April 6 report said that in the U.S., the services sector’s economic expansion slowed in March, employment declined by the largest amount since 2023, and input prices rose sharply. Based on data released on Monday, the U.S. Institute for Supply Management (ISM) services prices index rose to 70.7, the highest since October 2022. It increased by 7.7 percentage points from the previous month, the largest gain in nearly 14 years. The ISM services index fell by 2.1 percentage points to 54, mainly due to weak employment and slower growth in business activity. Affected by the Iran war, energy and other input costs rose sharply, putting pressure on companies. The services employment index dropped by 6.6 percentage points to 45.2, one of the largest monthly declines since the COVID-19 pandemic. The business activity index fell by 6 percentage points to 53.9, the largest decline since mid-2024. The supplier deliveries index rose to the highest level since October 2024. Growth in new orders for service providers was the strongest in more than three years.

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