The United States Composite PMI Output Index stood at 50.9 in April, down from 52.1 recorded in the month prior, hitting its lowest point in four months, preliminary data from S&P Global showed on Tuesday. The business activity still expanded but at a slower pace.
The US Services PMI Business Activity Index declined to 50.9 in the reported month, compared to 51.7 registered in March, coming in at a five-month low. Meanwhile, the Manufacturing PMI slipped into the contraction territory, amounting to 49.9 in April, down from March's figure of 51.9.
"The US economic upturn lost momentum at the start of the second quarter, with the flash PMI survey respondents reporting below-trend business activity growth in April. Further pace may be lost in the coming months, as April saw inflows of new business fall for the first time in six months," Chief Business Economist at S&P Global Market Intelligence Chris Williamson commented.
