Source: Markit Economics
Business activity in the United States picked up in March from the previous month, marking the biggest growth so far this year. QQQ is down 1.33%.
- The seasonally adjusted final S&P Global US Services PMI Business Activity Index stood at 58.0 in March, higher than the 56.5 in March but below the earlier estimate of 58.9.
- Firms attributed the growth to the easing of COVID-19 restrictions, driving demand higher and bringing new business upward to boost output.
- Foreign client demand increased during the month, bringing total new sales higher. New export orders also posted their steepest climb in 10 months.
- Firms registered a significant increase in output prices, with the growth the biggest on record since October 2009, as providers passed this through to clients.
- Backlogs recorded the largest climb in March, accelerating for the first time since October 2021. Input shortages also worsened difficulties.
- Business expectations for the year ahead remained upbeat, driven by higher marketing activity and optimistic hopes of greater demand.