Employment lags
Following four consecutive monthly increases, the ISM Non-Manufacturing Index held steady at a healthy 55.4 in April, indicating that the service sector of the economy continues to expand at a modest clip.
New orders pulled back, but at a solid 58.2, the subcomponent points to further gains for the economy.
But job growth remains elusive. The Institute for Supply Management said employment eased to 49.5, indicating that the lag in hiring persists.
Economic activity has broadened in recent months; however, corporate uncertainty, a still-modest recovery, and the focus on the bottom line are among the factors that are preventing job creation.
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