"The seasonally adjusted final IHS Markit U.S. Services Business Activity Index registered 56.8 in May, up from 54.6 in April. The latest survey data signalled the fastest output expansion since April 2015," Markit Economics said in their latest report.
- The sharp increase in business activity was widely attributed to more favourable economic conditions and greater client demand.
- Although slightly weaker than that seen in April, the rate of expansion of new work was the third sharpest seen over the past three years.
- A pick-up in job creation was not sufficient to prevent a further rise in backlogs.
- Inflationary pressures intensified in May, as input cost inflation accelerated to the fastest since October 2013.
- The final seasonally adjusted IHS Markit U.S. Composite PMI Output Index rose to 56.6 in May from 54.9 in April.
- The latest composite index reading signalled a pickup in growth momentum and the fastest expansion since April 2015.
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