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- US services sector expanded slower than expected in March
US services sector expanded slower than expected in March
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. Softer business activity growth was driven by a loss of momentum in the service economy ('flash' index at 52.9, down from 53.8 in February).
Manufacturing production also expanded at a weaker pace in March ('flash' output index: 54.4, down from 55.6). March data also revealed a slowdown in staff hiring by private sector companies. The latest rise in payroll numbers was only marginal and the weakest for six months. The composite index is based on original survey data from the Markit U.S. Services PMI and the Markit U.S. Manufacturing PMI.
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