Markit Services PMI: April Highest in Three Months
The April US Services Purchasing Managers' Index conducted by Markit came in at 54.6 percent, up 0.6 from the final March estimate of 54.0. The Investing.com consensus was for 54.4 percent. The Investing.com consensus was for 54.3 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:
April survey data indicated a strong expansion in business activity across the U.S. service sector. However, although the rate of growth accelerated, it remained below the series’ long-run average. Meanwhile, the upturn in new business quickened to a sharp rate that was the fastest since March 2015. Greater client demand was also reflected in a strong rise in employment and increased backlogs. Operating expenses continued to rise, with input price inflation the second-strongest since June 2015. Business confidence also picked up, reaching the highest in almost three years. [Press Release]
Here is a snapshot of the series since mid-2012.