April 2023 ISM® Report On Business®: Services

In April, the Services PMI® registered 51.9 percent, a 0.7-percentage point increase compared to the March reading of 51.2 percent. A reading above 50 percent indicates the services sector economy is generally expanding; below 50 percent indicates it is generally contracting. A Services PMI® above 49.9 percent, over time, generally indicates an expansion of the overall economy. Therefore, the April Services PMI® indicates the overall economy is growing for the fourth consecutive month after one month of contraction in December.