Markit Economics released final services purchasing managers’ index (PMI) for the U.S. on Tuesday. Final U.S. services purchasing managers’ index (PMI) rose to 51.3 in March from 49.7 in February, up from the preliminary reading of 51.0.
A reading above 50 indicates expansion in the sector, a reading below 50 indicates contraction of activity.
The index was driven by a rise in output. The growth in new business was the slowest increase since October 2009.
“The welcome news of sustained robust hiring in March, as indicated by both the PMI surveys and non-farm payroll numbers, masks a more worrying picture of a further slowing in economic growth so far this year,” Chief Economist at Markit Chris Williamson said.
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