latest report by IHS Markit revealed on Thursday the seasonally adjusted final
IHS Markit U.S. Services Business Activity Index (PMI) stood at 70.4 in May, up
from 64.7 in April and higher than the earlier released “flash” estimate of 70.1.
The latest reading pointed to the fastest growth in business activity across
the U.S. service sector since data collection began in October 2009.
Economists had forecast the index to stay unrevised at 70.1.
According to the report, May’s unprecedented increase in output was supported by a marked rise in new business, in turn buoyed by the quickest growth in new export orders for nine months. Greater business requirements resulted in a further climb in employment, but the pace of job creation softened as firms reported difficulties filling vacancies. On the price front, input cost inflation accelerated to a series high amid ongoing supplier price hikes.
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