The preliminary estimate of the index Markit Manufacturing PMI showed a rise to 59 in March from 58.6 in February, revealing that business activity in the manufacturing sector continued to expand at a solid pace. This reading was below the market consensus of 59.3.
For his part, Services PMI it posted an advance to 60 from 59.8, in line with average analyst estimates. The composite index fell from 59.5 to 59.1.
Commenting on the report, Chirs Williamson, chief economist at IHS Markit, noted that another notable expansion in business activity was seen in March, leading to the economy’s strongest quarter since 2014. He added that vaccination, the reopening of the The economy and the $ 1.9 trillion stimulus helped drive demand to its highest rate in six years.
The data did not have a major impact on the market. Previously, a lower-than-expected reading had been known in the durable goods orders report.
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