U.S. Service Sector Growth Accelerates Much More Than Expected In March WASHINGTON (dpa-AFX) - Growth in U.S. service sector activity saw a substantial acceleration in the month of March, according to a report released by the Institute for Supply Management on Monday. The ISM said its Services PMI surged up to 63.7 in March from 55.3 in February, with a reading above 50 indicating growth. Economists had expected the index to rise to 58.5. The jump lifted the Services PMI to an all-time high, surpassing the previous record high of 60.9 set in October of 2018. 'Respondents' comments indicate that the lifting of coronavirus (COVID-19) pandemic-related restrictions has released pent-up demand for many of their respective companies' services,' said Anthony Nieves, Chair of the ISM Services Business Survey Committee.