US business activity growth rose amid stronger demand conditions, but charge inflation rose to a record high.
- US service providers posted a sharp increase in business activity in March. The expansion in output quickened to the fastest pace in four months.
- The seasonally adjusted final S&P Global US Services PMI Business Activity Index stood at 58.0 in March, an increase from 56.5 in February.
- Service providers signaled a significant increase in new orders at the end of Q1 as new client acquisitions and further easing of pandemic restrictions expanded demand conditions.
- The S&P Global US Composite PMI output index stood at 57.7 in March, an increase from 55.9 in February, signaling a sharp expansion in business activity across the private sector.
Meanwhile, inflationary pressures rose as supplier costs surged. Input prices increased at one of the fastest paces on record as costs passed through to customers increased output charges.
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Source: S&P Global