Preliminary estimate for Markit services PMI was at 27.0
- Markit services PMI for April (F) comes in at 26.7 versus 27.0 estimate
- Composite PMI for April final 27.0 versus 27.4 previously reported
- The services PMI is the lowest reading since the series began
- 3rd consecutive month contractions
- Services PMI fell to 35.6 versus 47.5 in March. Lowest reading ever
- Prices charged is also at the lowest reading ever
- For the composite index, new orders fell to 26.4 versus 40.9 in March (lowest reading ever)
- Composite index Employment falls versus the prior month and reached the lowest reading since the series began.
Slightly weaker than expected data.
The ISM nonmanufacturing index for April will be released at the top of the hour with the expectations of 37.9 versus 52.5 in March. The historic low was at 37.8 in November 2008.
