The U.S. service industry unexpectedly shrank in April for the first time since 2022, with a measure of corporate activity falling to a four-year low and an indicator of input costs rising.

The Institute for Supply Management (ISM) comprehensive services index fell 2 points to 49giantbingo.4, the lowest level since December 2022. A reading below 50 indicates shrinking industry activity, with April data lower than surveyedgiantbingoexpectations of all economists.