US Private Sector Growth Hits Eight-Month High in March

Source: Markit Economics

The private sector in the United States expanded by an eight-month high in March, as firms recorded growth in activity upturns during the month. QQQ is up 0.56%.

• The headline Flash US PMI Composite Output Index increased to 55.9 in March from 58.5, reflecting its fastest expansion rate since July 2021.
• Firms recorded more new orders, driven mainly by demand which grew to its highest level in nine months.
• Costs increased to among record-high levels, citing the impact of the ongoing conflict between Russia and Ukraine, and China’s lockdowns on the supply chain.
• The services indicator also posted an eight-month high increase to 58.9 from 56.5, on the back of higher demand which brought work backlogs to record highs.
• The manufacturing index grew to 58.5 from 57.3, with higher output, new orders, employment, and purchase stocks.
• Business optimism fell to a five-month low, also due to inflationary concerns brought about by the geopolitical tensions.