The latest report by IHS Markit revealed on Friday the seasonally adjusted final IHS Markit U.S. Services Business Activity Index (PMI) stood at 53.0 in April, down from 55.3 in March, but broadly in line with the earlier released “flash” figure of 52.9.

The reading signaled the slowest business activity growth across the U.S. service sector since March 2017.

Economists had forecast the index to stay unrevised at 52.9.

According to the report, output rose at the softest pace since March 2017 as new business growth eased to a two-year low. The rate of job creation also slowed to a two-year low, while business expectations fell to the lowest for almost three years. On the price front, rates of input price and output charge inflation eased to 26- and 18-month lows, respectively.