Activity in the US services sector fell back into contraction in April, for the first time since the end of 2022, according to the results of the Institute for Supply Management's (ISM) monthly survey of purchasing managers.

After 15 consecutive months of growth, the ISM index measuring trends in the service sector dipped to 49.4 last month, falling back below the 50-point threshold indicating a downturn in activity, compared with 51.4 in March.

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