The U.S. service sector economy slowed its expansion in March, with employment falling by the largest margin since 2023 and input prices rising sharply. According to data released Monday, the Institute for Supply Management (ISM) services price index rose to 70.7, its highest level since October 2022, an increase of 7.7 percentage points from the previous month, the largest increase in nearly 14 years. The ISM services index fell 2.1 percentage points to 54, mainly due to weak employment and slower business activity. Businesses were pressured by a sharp rise in energy and other input costs due to the war in Iran. The services employment index fell 6.6 percentage points to 45.2, one of the largest monthly declines since the COVID-19 pandemic. The business activity index fell 6 percentage points to 53.9, the largest decline since mid-2024. The supplier deliveries index rose to its highest level since October 2024. New orders for service providers saw their strongest growth in more than three years. (Jinshi)