{"id":429796,"date":"2026-04-23T21:40:19","date_gmt":"2026-04-23T14:40:19","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/2026\/04\/us-april-sp-global-services-index-51-3-vs-50-3-expected\/"},"modified":"2026-04-23T21:40:19","modified_gmt":"2026-04-23T14:40:19","slug":"us-april-sp-global-services-index-51-3-vs-50-3-expected","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/2026\/04\/us-april-sp-global-services-index-51-3-vs-50-3-expected\/","title":{"rendered":"US April S&amp;P Global services index 51.3 vs 50.3 expected"},"content":{"rendered":"<div>\n<ul>\n<li>Prior was 49.8<\/li>\n<li>Manufacturing 54.0 vs 52.5 expected &#8211; -highest since May 2022<\/li>\n<li>Prior manufacturing 52.4<\/li>\n<li>Composite 52.0 vs 50.5 expected<\/li>\n<li>Composite prior was 51.4<\/li>\n<li>Employment basically flat for a second month<\/li>\n<li>Input cost inflation at an 11-month high<\/li>\n<li>Output prices rising at the fastest pace since July 2022<\/li>\n<\/ul>\n<p>This is a two-month high in services and a nice surprise but the real headline number is on manufacturing, which is the best in almost four years. The US manufacturing sector has largely been in something of a recession for all of that time and this is a good signal that it&#8217;s turning the corner, despite higher energy prices. However there is some fine print: a big chunk of that new orders surge is companies panic-buying ahead of war-related shortages and price hikes. <\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">Unfortunately, the services side \u2014 which is what actually drives the US economy \u2014 barely budged off the floor and new business growth was the slowest in two years. <\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">The more important story is on prices. Output prices jumped the most since mid-2022 and input costs are running at an 11-month high, with supply chains snarling up in a way we haven&#8217;t seen since the post-pandemic mess. <\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">Survey chief economist Chirs Williamson sums up the Fed&#8217;s problem nicely:<\/p>\n<blockquote class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><p>&#8220;Balancing the risks of inflation lifting sharply higher against the underlying weakness of economic growth presents policymakers at the Fed with a growing dilemma. However, it will likely be increasingly hard to make a case for rate cuts if inflation follows the path signalled by the PMI while the economy continues to eke out only modest growth.&#8221;<\/p><\/blockquote>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">The survey says it&#8217;s consistent with &#8220;growth in excess of 1%&#8221; which isn&#8217;t exactly blockbuster but it&#8217;s still growth but is also coming with spiking prices.<\/p>\n<p>                            This article was written by Adam Button at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Prior was 49.8 Manufacturing 54.0 vs 52.5 expected &#8211; -highest since May 2022 Prior manufacturing 52.4 Composite 52.0 vs 50.5 expected Composite prior was 51.4 Employment basically flat for a second month Input cost inflation at an 11-month high Output prices rising at the fastest pace since July 2022 This is a two-month high in [&hellip;]<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-429796","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/429796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=429796"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/429796\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=429796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=429796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=429796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}