WASHINGTON :A measure of U.S. services industry activity surged to a record high in March amid robust growth in new orders, in the latest indication of a roaring economy that is being boosted by increased vaccinations and massive fiscal stimulus.
The ISM's non-manufacturing activity index rebounded to a reading of 63.7 last month also due to warmer weather. That was the highest in the survey's history and followed 55.3 in February. The ISM reported last week that its measure of national manufacturing activity soared to its highest level in more than 37 years in March. The services industry, hardest hit by the pandemic, could accelerate further as the economy re-opens. The U.S. Centers for Disease Control and Prevention said on Friday fully vaccinated people could safely travel at"low risk."
The surge in these price measures have added to concerns of higher inflation this year. But some economists say they are not reliable predictors of future inflation. Price pressures are seen driven by the generous fiscal stimulus and extremely accommodative monetary policy.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.