A gauge of US service sector activity rose to a record high amid strong growth in new orders, in a fresh sign of a booming economy through increased vaccinations and massive fiscal stimulus.
Today, the ISM Institute for Supply Management announced that its non-manufacturing PMI rose to 63.7 during the month of March, supported by warmer weather, and this is the highest on record. A reading above 50 indicates growth in the services sector, which accounts for more than two-thirds of US economic activity.
This report comes in addition to strong manufacturing, consumer confidence and employment reports that indicate that the economic situation has improved significantly, and that the huge stimulus package amounting to $ 1.9 trillion will support the economy further.
The Institute for Supply Management said last week that a gauge of manufacturing activity rose to its highest level in more than 37 years in March, plus the non-farm payrolls report added 916K jobs in March, the largest number in seven months.