FOREX TradingCharts.com

Financial News: U.S. Service Sector Growth Accelerates Much More Than

U.S. Service Sector Growth Accelerates Much More Than Expected In March

04/05/2021 - 10:43:00 (RTTNews)

(RTTNews) - Growth in U.S. service sector activity saw a substantial acceleration in the month of March, according to a report released by the Institute for Supply Management on Monday.

The ISM said its Services PMI surged up to 63.7 in March from 55.3 in February, with a reading above 50 indicating growth. Economists had expected the index to rise to 58.5.

The jump lifted the Services PMI to an all-time high, surpassing the previous record high of 60.9 set in October of 2018.

"Respondents' comments indicate that the lifting of coronavirus (COVID-19) pandemic-related restrictions has released pent-up demand for many of their respective companies' services," said Anthony Nieves, Chair of the ISM Services Business Survey Committee.

The sharp increase by the headline index came as the business activity index soared to 69.4 in March from 55.5 in February and the new orders index skyrocketed to 67.2 from 51.9. Both indexes reached record highs.

The employment index also climbed to 57.2 in March from 52.7 in February, indicating an acceleration in the pace of job growth in the service sector.

Meanwhile, the ISM said the supplier deliveries index inched up to 61.0 in March from 60.8 in February, with a reading above 50 indicating slower deliveries.

"Production-capacity constraints, material shortages, weather and challenges in logistics and human resources continue to cause supply chain disruption," said Nieves.

The report also showed the prices index rose to 74.0 in March from 71.8 in February, pointing to a continued acceleration in the rate of price growth.

Last Thursday, the ISM released a separate report showing the pace of growth in U.S. manufacturing activity also accelerated by much more than anticipated in the month of March.

The ISM said its Manufacturing PMI jumped to 64.7 in March from 60.8 in February, with a reading above 50 indicating growth in manufacturing activity. Economists had expected the index to inch up to 61.3.

With the much bigger than expected increase, the Manufacturing PMI reached its highest level since hitting 69.9 in December of 1983.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Australia Consumer Confidence Index Jumps 6.2% In April - Westpac (02 hr(s), 45 min(s), 29 sec(s) ago)
(RTTNews) - Consumer confidence in Australia spiked in April, the latest survey from Wetspac Bank ...Full Story»

Singapore GDP Climbs 2.0% In Q1 - Advance Estimate (03 hr(s), 0 min(s),29 sec(s) ago)
(RTTNews) - Singapore's gross domestic product expanded a seasonally adjusted 2.0 percent on q ...Full Story»

Japan Core Machine Orders Plummet 8.5% On Month In February (03 hr(s), 15 min(s), 29 sec(s) ago)
(RTTNews) - The value of core machine orders in Japan tumbled a seasonally adjusted 8.5 percent on ...Full Story»

Singapore GDP Jumps 2.0% In Q1 - Advance Estimate (03 hr(s), 31 min(s), 29 sec(s) ago)
(RTTNews) - Singapore's gross domestic product gained a seasonally adjusted 2.0 percent on qua ...Full Story»

Japan Core Machine Orders Tumble 8.5% On Month In February (03 hr(s), 45 min(s), 29 sec(s) ago)
(RTTNews) - The value of core machine orders in Japan was down a seasonally adjusted 8.5 percent o ...Full Story»

Australia Interest Rate Decision Due On Wednesday (05 hr(s), 50 min(s), 29 sec(s) ago)
(RTTNews) - The Reserve Bank of Australia will wrap up its monetary policy meeting on Wednesday an ...Full Story»

South Korea Export Prices Rise 3.3% On Month In March (06 hr(s), 08 min(s), 29 sec(s) ago)
(RTTNews) - Export prices in South Korea were up 3.3 percent on month in March, the Bank of Korea ...Full Story»

German ZEW Economic Sentiment Falls Unexpectedly In April (15 hr(s), 25 min(s), 29 sec(s) ago)
(RTTNews) - German economic sentiment deteriorated unexpectedly in April amid the third wave of in ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Australia Consumer Confidence Index Jumps 6.2% In April - Westpac

04/13/2021 - 21:05 PM (RTTNews)
(RTTNews) - Consumer confidence in Australia spiked in April, the latest survey from Wetspac Bank ...Full Story>>

Singapore GDP Climbs 2.0% In Q1 - Advance Estimate

04/13/2021 - 20:50 PM (RTTNews)
(RTTNews) - Singapore's gross domestic product expanded a seasonally adjusted 2.0 percent on q ...Full Story>>

Japan Core Machine Orders Plummet 8.5% On Month In February

04/13/2021 - 20:35 PM (RTTNews)
(RTTNews) - The value of core machine orders in Japan tumbled a seasonally adjusted 8.5 percent on ...Full Story>>

Singapore GDP Jumps 2.0% In Q1 - Advance Estimate

04/13/2021 - 20:19 PM (RTTNews)
(RTTNews) - Singapore's gross domestic product gained a seasonally adjusted 2.0 percent on qua ...Full Story>>

Japan Core Machine Orders Tumble 8.5% On Month In February

04/13/2021 - 20:05 PM (RTTNews)
(RTTNews) - The value of core machine orders in Japan was down a seasonally adjusted 8.5 percent o ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.