The U.S. services sector slowed more than expected in March as demand cooled, while a measure of prices paid by services businesses fell to the lowest in nearly three years, giving the Federal Reserve a boost in the fight against inflation.
There are also growing signs that the labor market is loosening, with other data on Wednesday showing private payrolls growth slowed considerably last month. This followed on the heels of news on Tuesday that job openings fell below 10 million at the end of February for first time in nearly two years.
The Fed is contemplating pausing the U.S. central bank's fastest interest rate hiking cycle since the 1980s.
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