US ISM Services PMI (Mar) 54.0 vs. Exp. 55 (Prev. 56.1, Low. 53, High. 56.8)

GDP:

• “The past relationship between the Services PMI® and the overall economy indicates that the Services PMI® for March (54 percent) corresponds to a 1.9-percentage point increase in real gross domestic product (GDP) on an annualized basis".

Inventories:

• "We are purchasing additional inventory to account for geopolitical issues".
• "Stockpiling oil-derivative products in case the extended conflict in Iran or closure of the Strait of Hormuz cause supply issues.”

Jobs:

• "Staffing levels remain adequate; however, attendance declined by approximately 5 percent compared to the previous month".