According to the latest report published by Market Sensitive Information (Markit), U.S. private sector expands at the slowest pace for six months in March.
Key highlights from the official report
- At 52.9 in March, the Markit Flash U.S. Services PMI™ Business Activity Index1 signalled only a moderate rate of growth across the service economy. The latest expansion of business activity was the weakest since last September, suggesting a sustained loss of momentum following the 14- month peak recorded in January.
- The seasonally adjusted Markit Flash U.S. Composite PMI Output Index registered 53.2 in March, to remain above the 50.0 no-change value for the thirteenth consecutive month. However, the latest reading was down from 54.1 in February and signalled the slowest expansion of private sector output since September 2016.
- At 53.4, down from 54.2 in February, the headline seasonally adjusted Markit Flash U.S. Manufacturing Purchasing Managers’ Index™ (PMI™ ) 2 signalled the slowest overall upturn in business conditions since October 2016.
Key quotes from the official comment
- The economy is struggling to sustain momentum
- The employment readings from the survey have also deteriorated, suggesting private sector hiring is running at a reduced rate of around 120,000 per month
- The US economy shifted down a gear in March
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