The U.S. ISM Non-Manufacturing Employment Index in March recorded its largest contraction since 2023

The expansion rate of the US ISM Non-Manufacturing PMI in March was the slowest in nine months, due to a slowdown in order growth and employment index falling to its lowest level since 2023. The service sector employment index dropped by 7.7 points to 46.2 points, marking the largest decline in nearly five years. The continuous weakening trend of employment data may raise concerns about an overall slowdown in the labor market, which has always been the cornerstone of the US economy. Steve Miller, Chairman of ISM's Services Business Survey Committee said: "This month, there has been a significant increase in respondents who believe that tariff activities have led to cost increases. Although comments on tariff impacts have increased and concerns about potential tariffs and reduced government spending continue, recent sentiment is almost balanced between optimistic group members and those who see or expect an economic recession."