New orders for services rose to their highest level in more than three years in March, the Institute for Supply Management reported Monday, as strong demand across the economy proved resilient to the spike in energy prices driven by the U.S.-Israel military campaign against Iran.
The ISM index for the services sector registered 54 percent, down from 56.1 percent in February but still comfortably in expansion territory for the 21st consecutive month. The slight pullback in the headline number masked what was arguably the most important signal in the report: the barometer of new order surged to its highest reading since February 2023.
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