US service sector activity bounces back in February
Activity in the US services sector bounced back in February, as new work at companies recovered from the prior month’s record low levels, the results of a survey showed.
Markit’s services sector purchasing managers’ index (PMI) for the month of February increased to a reading of 57 from the prior month’s print of 54.2, preliminary data from the survey compiler revealed.
New work reportedly grew at its sharpest in four months, returning the headline PMI to its average of 57.1 seen during 2014 as a whole.
Reports of disruptions to companies’ activities in the Northeast were compensated for by reports of others benefitting from milder weather on the West Coast.
Rising overall volumes of new work led to increased backlogs at firms for a seventh consecutive month.
Staffing levels also picked up further, Markit reported.