(IHS Markit) The US Services PMI was registered at 56.5 in February, an increase from 51.3 in January amid strong demand conditions.
The expansion in service business activity reflected a quicker increase in new orders as the omicron virus subsided.
Foreign demand increased, with the new export orders rising at the fastest rate since June, while new business expansion rose to the highest in seven months.
Following the growing demand, firms accelerated hiring, pushing the workforce numbers to the fastest rate since May.
Backlog of orders eased for the fourth straight month to the lowest since May, although the accumulation remained quicker than the series average.
Cost pressures remained, with output charges hitting a survey record. The input costs rose remarkably.
Business optimism remained high, with firms seeing new opportunities for growth owing to the cooling Covid-19 restrictions. The degree of optimism was at the highest since November 2020.
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