Business Activity Accelerates in February

03/05/18 10:31 AM EST
   By Allison Prang 

Business activity grew at a faster rate in February as output and new business both grew.

IHS Markit's U.S. Services Purchasing Managers' Index's final reading for February was 55.9 compared with January's reading of 53.3.

IHS Markit said that new business "rose at the strongest pace in almost three years," and noted that the output and input price inflation rates both rose. Hiring also increased.

Expectations for businesses looking a year out rose to the highest level in 13 months, which some surveyed attributed to "upcoming marketing campaigns and more favorable domestic economic conditions," IHS Markit said in its report.

IHS Markit's final U.S. Composite PMI Output Index was 55.8 compared with January's 53.8.

"So far, the two PMI surveys point to the economy expanding at a steady 2.5% annualized rate in the first quarter," IHS Markit Chief Business Economist Chris Williamson said in prepared remarks.


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(END) Dow Jones Newswires

March 05, 2018 10:31 ET (15:31 GMT)

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