From Bloomberg: The figures from the Institute for Supply Management on Monday, April 5, underscore how looser business restrictions and increasing economic activity are igniting a rebound in sectors hardest hit by the pandemic and fueling job gains. The ISM's services index soared to 63.7 from a nine-month low of 55.3, when severe winter weather gripped much of the country and curtailed activity. Readings above 50 signal growth. The March figure, the strongest in data to 1997, exceeded the most optimistic projection in a Bloomberg survey of economists.
Service Industries in U S Expand at Fastest Pace on Record
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U S Service Sector Growth Accelerates Much More Than Expected In March
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U.S. Manufacturing Index Jumps To 37-Year High In March
WASHINGTON (dpa-AFX) - A report released by the Institute for Supply Management on Thursday showed the pace of growth in U.S. manufacturing activity accelerated by much more than anticipated in the month of March.
The ISM said its Manufacturing PMI jumped to 64.7 in March from 60.8 in February, with a reading above 50 indicating growth in manufacturing activity. Economists had expected the index to inch up to 61.3.
With the much bigger than expected increase, the Manufacturing PMI reached its highest level since hitting 69.9 in December of 1983.
Despite the strong growth, Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee, noted companies and suppliers continue to struggle to meet increasing rates of demand due to the coronavirus pandemic limiting the availability of parts and materials.