Uncertainty over the war in Ukraine and extremely high inflation did not stop the US economy from accelerating in March, according to data from the S&P Global Composite PMI.
In particular, the index moved higher in March, reaching 58.5 points from 55.9 in February, recording a high of eight months, which indicates the rapid growth rate of the economy.
It is recalled that the composite index measures the performance of both the manufacturing and services sectors, and any measurement above 50 points indicates a growth in economic activity.
As S&P Global chief economist Chris Williamson points out, the private sector picked up pace in March as much of the Covid-19 embargo was lifted, offsetting growing concerns about the war in Ukraine.
According to the report, production accelerated in both manufacturing and services, as well as inflows of new businesses due to strong demand. Companies also had fewer supply chain problems and increased jobs.
In the individual measurements, the preliminary PMI for services rose to 58.9 points in March from 56.5 in February, while analysts in a Wall Street Journal survey estimated that the index would remain unchanged.
Similarly, the manufacturing PMI rose to 58.5 points in March from 57.3 last month, well above analysts’ estimates of 57 points.
Source: Capital
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