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5/5, 3:45 PM (Source: TeleTrader)
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US service sector activity expands at record pace in April

Activity in the service sector in the United States expanded at a record pace in April, according to the latest release from IHS Markit published on Wednesday.

The seasonally adjusted final IHS Markit US Services PMI Business Activity Index was reported at 64.7 in April, up from the 60.4 registered in March and above the previously announced flash estimated.

Commenting on the latest survey results, Chief Business Economist at IHS Markit Chris Williamson said that vaccine rollouts coupled with accommodative monetary policy and fiscal stimulus have led to the "strongest surge in demand seen for at least a decade." However, the biggest threat to the outlook remain new strains of the coronavirus which could hinder growth "for some time to come," according to Williamson.

Breaking the News / JC