US service activity jumps to record high in March – Money Times

The result was the highest in the history of the survey and followed a reading of 55.3 in February (Image: Pixabay)

A measure of the services From USA jumped to a record high amid robust growth in new orders, the latest indication that the economy is being driven by increased vaccination and strong fiscal stimulus.

The Supply Management Institute (ISM) reported on Monday that its non-manufacturing activity index rebounded to a reading of 63.7 last month, also counting on the warmer climate.

The result was the highest in the survey’s history and followed a reading of 55.3 in February.

A reading above 50 indicates growth in the service sector, which accounts for more than two-thirds of US economic activity. Economists polled by Reuters projected the index to rise to 59.0 in March.

The measure for new service orders in the ISM survey rose to a record 67.2 in March, against a nine-month low of 51.9 in February.

The survey added to a series of reports, from manufacturing to consumer confidence and employment, to suggest that improving the health situation and the $ 1.9 trillion bailout package are providing a powerful boost to the economy.

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