U.S. Services PMI Expands in March – IHS Markit

Business activity in the United States services sector showed a positive performance in March, according to recent Purchasing Managers’ Index (PMI) data by.

The seasonally adjusted final IHS Markit U.S. Services PMI Business Activity Index registered 60.4 in March, up from 59.8 in February, recording an improved reading compared with the flash estimate of 60.0.

Last month, output growth came at the fastest pace since July 2014, supported by business expansion and higher consumer demand amid the easing of preventive measures against the Coronavirus pandemic.

Accordingly, the sentiment among service providers improved, the survey results showed.

In addition, new business increased in March, with an accelerating growth rate for the third consecutive month, with demand rising by the fastest pace since March 2015.