3/3, 3:46 PM (Source: TeleTrader)
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US services PMI up to 59.8 in February

The seasonally adjusted Services PMI Business Activity Index in the United States landed at 59.8 in February, which marked its sharpest monthly rise in over six-and-a-half years, IHS Markit revealed in its report published on Wednesday. Meanwhile, the Composite PMI Output Index grew from January's 58.7 to 59.5.

The report noted the rise in the activity was supported by a "marked rise in new orders following stronger client demand," the "increase in new sales," and "further robust expansion in manufacturing production." It added the employment continued to grow, "albeit only fractionally," due to "further pressure on capacity" amid the still ongoing COVID-19 pandemic.

"Although consumer-facing sectors, notably hospitality, travel, and tourism, continue to be adversely affected by COVID-19 restrictions, and will be for some time to come, other parts of the economy are springing back into life. Financial services and business services are faring well, accompanying a strong manufacturing recovery," IHS Markit Chief Business Economist Chris Williamson said.

Breaking the News / JR