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U.S. service sector regains speed in March; high input prices persist - ISM survey
Reuters
U.S. service sector regains speed in March; high input prices persist - ISM survey
Tue, April 5, 2022, 10:04 AM
WASHINGTON (Reuters) - U.S. services industry activity picked up in March, boosted by the rolling back of pandemic restrictions, but businesses continued to face higher costs as supply strains persisted.
The Institute for Supply Management said on Tuesday its non-manufacturing activity index rebounded to a reading of 58.3 last month from a one-year low of 56.5 in February. That ended three straight months of declines in the index and also signaled a shift in spending back to services from goods.
COVID-19 restrictions have been lifted across the country following a massive decline in coronavirus infections, unleashing pent-up demand for services like airline travel and dining out. The government reported last week that consumer spending on services increased by the most in seven months in February, while goods outlays declined.
Economists polled by Reuters had forecast the non-manufacturing index rising to 58.4. A reading above 50 indicates expansion in the services sector, which accounts for more than two-thirds of U.S. economic activity.
{snip}
U.S. service sector regains speed in March; high input prices persist - ISM survey
Tue, April 5, 2022, 10:04 AM
WASHINGTON (Reuters) - U.S. services industry activity picked up in March, boosted by the rolling back of pandemic restrictions, but businesses continued to face higher costs as supply strains persisted.
The Institute for Supply Management said on Tuesday its non-manufacturing activity index rebounded to a reading of 58.3 last month from a one-year low of 56.5 in February. That ended three straight months of declines in the index and also signaled a shift in spending back to services from goods.
COVID-19 restrictions have been lifted across the country following a massive decline in coronavirus infections, unleashing pent-up demand for services like airline travel and dining out. The government reported last week that consumer spending on services increased by the most in seven months in February, while goods outlays declined.
Economists polled by Reuters had forecast the non-manufacturing index rising to 58.4. A reading above 50 indicates expansion in the services sector, which accounts for more than two-thirds of U.S. economic activity.
{snip}