The US service sector expanded only modestly in April, restrained by the weakest pace of business activity in nearly three years. The Institute for Supply Management’s overall gauge of services edged up to 51.9 last month from 51.2 in March, according to data out Wednesday. Readings above 50 indicate growth. A measure of prices paid held close to the lowest level since 2020. The business activity index fell 3.4 points to 52, still indicating growth but the slowest pace since May 2020. The third-straight decline in the gauge that parallels the ISM factory output index suggests softer demand for services. Combined with ... (full story)