Markit's US services PMI rises in February
Activity in the US services sector improved in February, according to data released on Monday.
IHS Markit's final services business activity index came in at 55.9 from 53.3 in January, marking its fastest acceleration since August 2017, with service providers attributing the big jump in output to greater client demand.
Meanwhile, the composite output index rose to 55.8 in February from 53.8 the month before.
Chris Williamson, chief business economist at IHS Markit, said: "A surge in service sector activity comes as welcome news after a disappointing couple of months, especially is it was accompanied by further robust manufacturing growth in February. So far, the two PMI surveys point to the economy expanding at a steady 2.5% annualised rate in the first quarter.
"With growth of new orders across the two sectors collectively growing at the fastest rate for three years, March could also prove to be a good month for business activity, rounding off a solid opening quarter or the year."