Business activity in the US services sector continued to increase in April, but the rate of expansion slowed amid the first reduction in new orders since last October. Employment was also reduced as firms showed a reluctance to replace departed staff. On the price front, rates of both input cost and output price inflation softened at the start of the second quarter, although in each case the latest increase was faster than the pre-pandemic average. Rises in wages, plus higher oil and gas prices, were widely reported by companies. The seasonally adjusted S&P Global US Services PMI® Business Activity Index fell for the ... (full story)