**[U.S. Service Sector Contracts for the First Time in Three Years]** BlockBeats News, April 3: Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, stated that PMI survey data indicates the U.S. economy is under pressure from rising prices and heightened uncertainty, with the Middle East conflict further exacerbating concerns over recent policy decisions. The service sector contracted for the first time since January 2023, dragging overall economic growth down to an annualized rate of just 0.5% in March, a near-stagnant level. The consumer-facing service industry was hit the hardest, with the March decline being one of the largest since 2009, excluding the pandemic lockdown period. The financial services and technology sectors, which performed strongly last year, showed signs of weakening due to concerns over financial market volatility and rising interest rates. The key factor behind the economic slowdown is reduced spending, driven by declining purchasing power, while surging energy prices in March significantly increased costs and sales prices. Survey data reveals that businesses are increasingly willing to pass costs onto customers in the coming months, potentially accelerating consumer price inflation to nearly 4%. (Jin10)