2021-05-06 14:35:44 GMT2021-05-06 22:35:44(Beijing Time) Xinhua English
LONDON, May 6 (Xinhua) Britain s service sector output witnessed the fastest rise in April since October 2013 as business and consumer spending rebounded significantly amid the easing of lockdown restriction, according to a joint report released here Thursday.
The purchasing managers index (PMI) Business Activity Index for the service sector surged to 61.0 in April, up from 56.3 in March, signalling the sharpest rate of output expansion for seven and a half years, revealed a joint survey by IHS Markit, a London-based global information provider, and the Chartered Institute of Procurement & Supply (CIPS), which serves the procurement and supply profession.
The US stock market finished session higher on Friday, 23 April 2021, as fresh economic data underscored that a strong economic recovery is under way. At the close of trade, the Dow Jones Industrial Average index advanced 227.59 points or 0.67% to 34,043. The S&P 500 index increased 45.19 points or 1.09% to 4,180. The tech-heavy Nasdaq Composite Index gained 198.40 points or 1.44% 14,017.
The gains were shared broadly by nearly every sector in the index. Technology companies accounted for a big slice of the rally, along with banks, communication stocks and companies that rely on consumer spending. The utilities and consumer staples sectors closed slightly lower.
ECONOMIC NEWS: The Commerce Department released a report showing new home sales skyrocketed by 20.7% to an annual rate of 1.021 million in March after plunging by 16.2% to a revised rate of 846,000 in February.
Wave II calls for stimulus part II April 16, 2021, 12:11 AM IST
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If you put two and two together, no one should be surprised if a four emerges. Fresh curbs on normal life, announced to contain the second wave of the pandemic, will take its toll on the economy, already staggering, going by the second month of the decline of the Index of Industrial Production (IIP) in February (over the like period last year), on the trot. The government will have to respond with additional relief measures for migrant workers who once again flee closed cities for the social security of their native villages. At the same time, the government and RBI will have to come up with additional support for the pandemic-struck industry, in particular the small and medium sector and the construction industry.
Updated / Wednesday, 7 Apr 2021
07:02
The strongest rate of expansion was in financial services, followed by business services and technology, media and telecoms respectively
There was a rise in activity in the services sector last month, according to the latest AIB Purchasing Managers Index (PMI).
The survey suggests that the rise was driven by renewed growth in new business and exports.
Employment was up for only the second tine since the start of the Covid-19 pandemic, while confidence was at the highest since mid-2018 as firms expected an economic revival as the vaccination roll out continues.
However, the survey shows that cost pressures intensified further in March.