- Markit services PMI well above expectations in February.
- The composite index rises to 56.0 in February from 51.1 in January.
Business activity in the US service sector gained momentum in February with the IHS Markit Services PMI advance rising to 56.7, above the 51.2 and above the market consensus 53. Also, the Composite PMI rose to 56 from 51.1 in the same period.
“Driven the latest surge in business activity was a faster rise in new job intake. Companies noted the biggest expansion in sales since last July. International demand for US services also strengthened in February. With improving demand conditions, service providers continued to hire additional staff. The increase was marked and the fastest in nine months. On the price front, there were more pronounced increases in both input costs and output prices. In particular, the inflation rate of charges reached a series peak,” the report mentions.
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
