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U.S. Services Output Growth Posts Six-year High In March

April 5, 2021 by Forex Winner Leave a Comment

U.S. Services Output Growth Posts Six-year High In March

The output growth of the United States services sector posted a six-year high in March, according to a report by IHS Markit.

  • The IHS Markit US Services PMI Business Activity Index rose to 60.4 in March from 59.8 in February, and up from the estimated 60.0
  • The rate of output growth signalled was the fastest since July 2014, which service providers attributed to greater client demand and the easing of virus containment restrictions in several states.
  • New businesses increased further during the month, with the rate of growth accelerating for the third successive month. The upturn in client demand was the quickest since March 2015.
  • Total sales were supported by a renewed increase in new export orders which rose for the second time in the past four months.
  • input costs soard in March, as inflation accelerated to the fastest since data collection services began in October 2009.
  • Meanwhile, business expectations regarding the outlook for output over the coming year improved on the back of the vaccine rollout and easing of restrictions.

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