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US services sector in March posts largest growth in 11 months

US services sector in March posts largest growth in 11 months
Rise in output fastest since April 2022, says report

By Ovunc Kutlu

ISTANBUL (AA) – The US services sector in March posted its largest growth in 11 months, according to a report by S&P Global on Friday.

The S&P Global Flash US Services Business Activity Index came in at 53.8 in March, up from 50.6 in February.

"The rise in output was the fastest since April 2022," according to the report.

The index also beat the market expectation of 50.5.

"New orders at service providers increased for the first time since last September, as greater client activity sparked a modest upturn in new sales," S&P Global said in a statement.

The manufacturing purchasing managers' index (PMI), which measures the activity of managers in the manufacturing sector, rose two points to 49.3 in March, up from 47.3 last month, according to flash estimates by the financial services company.

"Output across the goods-producing sector increased for the first time since last October, and at the steepest rate for ten months," S&P Global said.

source: News Feed
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