April 2021 ISM and Markit Services Surveys Remain Well Into Expansion The ISM declined but remained in expansion whilst the Markit PMI improved and advanced further into expansion. Analyst Opinion of the ISM and Markit Services Survey With the economy reopening, it comes as no surprise that both of these indices are well into expansion. From Econoday: Most marked upturns in output and new orders on record Employment growth accelerates Cost pressures strongest on record April PMITM data indicated a marked and unprecedented expansion in business activity across the U.S. service sector. Supporting the upturn in output was the fastest increase in new business on record. Pressure on capacity remained evident, as backlogs of work accumulated at a faster pace and employment rose at the second-sharpest rate on record. Some concerns regarding the sustainability of new order inflows weighed slightly on business confidence, although optimism remained relatively strong. Meanwhile, input costs rose at the quickest rate since data collection began in October 2009 amid supplier price hikes. Firms partially passed on higher prices to their customers through the fastest rise in charges on record.