Reviewing today’s economic data, as follows:
- The ISM Non-Manufacturing Index decreased to 62.7% in April from 63.7% in March. The dividing line between expansion and contraction is 50.0%. The April reading marks the 11th month running of growth for the services sector and follows a record high reading for March.
- The Key takeaway from the report is the understanding that services sector activity is still running at a fast pace, as business activity slowed only modestly from the record pace logged in March.
- The ADP Employment Change report estimated that 742,000 jobs were added to private-sector payrolls in April following an upwardly revised 565,000 increase from 517,000 in March. This was the largest increase since September 2020.
- The IHS Markit Services PMI for April was revised higher to 64.7% from 63.7% in the preliminary reading.
- The weekly MBA Mortgage Applications Index decreased 0.9% following a 2.5% decline in the prior week.
Have a healthy day, Keep the Faith!