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US services activity rose sharply in August

3 Sep 2020 05:47 PM

The US services sector recorded a strong increase in activity in August, according to IHS Markit.

The services PMI surged to 55, up from 50.0 in July, and higher than the previous estimate of 54.8.

Output rose by the highest rate in nearly 18 months, and the IHS Markit PMI Composite Output Index indicated a strong improvement, reaching 54.6 in August, up from 50.3 in July.

IHS Markit Chief Business Economist Chris Williamson said companies are often left struggling to fulfill demands, and while additional employees are being hired at a pace not seen in more than six years, backlogs of work have accumulated exceeding anything since 2009. He also predicted production growth will continue during the month of September.

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