(S&P Global) Service firms in the US recorded the fastest rise in output in four months as growth in demand prompted surges in new orders.
The steeper rise in service activity was the strongest in 2022, with the PMI at 58.0 in March, an increase from 56.5 in February.
Service firms attributed the jump in activity to the easing of Covid-19 restrictions, which increased client demand and prompted a rise in new businesses.
Foreign demand also grew in March, as new export orders rose the sharpest in ten months.
On prices, selling charges rose the highest on record, while the rate of cost inflation increased at the fastest since December’s record high. Input costs were at the third-strongest on record.
Firms recorded higher backlogs, with the rate hitting a record in March despite employment rising at the fastest rate in nearly a year.
Businesses expectations over the next twelve months remained high, although the degree of confidence was dragged to a five-month low by inflation fears.
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