Composite up to 59.2 vs 58.5 last
Services sharpest increase since August and the employment component is highest since June. Confidence toward business outlook at 8 month low.
Tim Moore, Senior Economist at Markit said of the report:
"The latest survey highlights a strong underlying pace of US economic growth moving into the second quarter of 2015. New business trends across the service sector have picked up especially sharply from the lows seen earlier in the year, and job hiring has strengthened as a result. "However, service providers' business confidence dipped in March and remained well below the peaks recorded in 2014, weighed down in part by the prospect of a Fed rate rise later this year. Meanwhile, subdued input price pressures were reported in March, although the overall rate of cost inflation has ticked up slightly from a recent fiveyear low."
For a review of the report from Markit CLICK HERE