The February US Services Purchasing Managers' Index conducted by Markit came in at 55.9 percent, up 2.6 from the final January estimate of 53.3. The consensus was for 55.9 percent. Markit's Services PMI is a diffusion index: A reading above 50 indicates expansion in the sector; below 50 indicates contraction.

Here is the opening from the latest press release:

Business activity across the U.S. service sector expanded sharply in February, according to the latest PMI data. The upturn in output accelerated to the fastest since August 2017. In addition, greater client demand led to a steep rise in new business, which rose at the strongest pace in almost three years. Capacity pressures intensified as a result of the upswing in demand, with backlogs of work accumulating to the greatest extent since March 2015.

Meanwhile, rates of both input and output price inflation accelerated, with the former reaching the fastest since June 2015. [Press Release]

Here is a snapshot of the series since mid-2012.