The US service sector PMI jumped to its peak, setting a record amid robust growth in new orders. This is the latest indication that the economy is being driven by increased vaccination and strong fiscal stimulus.
The result was the highest in the survey’s history and followed a reading of 55.3 in February.
High and package
Reading above 50 indicates growth in the service sector. The number accounts for more than two-thirds of US economic activity. Economists polled by the Reuters Agency projected the index to rise to 59.0 in March.
In addition, the measure of new service orders in the ISM survey rose to a record high of 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.
Therefore, it suggests that the improved health situation and the $ 1.9 trillion bailout package are providing a powerful boost to the economy.
* With Reuters Agency
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