Economic Buzz: US Private Sector Expansion Accelerates Amid Strong Demand

25 Mar 2022 , 08:34 AM

The S&P Global US Composite PMI rose to 58.5 in March, from 55.9 in the previous month, a preliminary estimate showed, as demand conditions and supply issues continued to improve from Januarys omicron impact. Manufacturing and service providers registered strong upturn in activity, largely supported buy pent up demand and easing Covid Restrictions. It was the fastest growth in the American private sector since July, as both goods producers and service providers saw higher output levels. On the demand side, new orders rose to a 9-month high, along with stronger overseas demand. Services PMI rose to 58.9 in March of 2022 from 56.5 in the previous month and well above market consensus of 56, a preliminary estimate showed. The latest reading pointed to the strongest expansion since last July. Manufacturing PMI increased to 58.5 in March of 2022 from 57.3 in February, easily beating forecasts of 56.3, preliminary estimates showed. It was the highest reading since September 2020, with output rising at the fastest rate since last June, supported by increasing demand, fewer supply bottlenecks and the easing of coronavirus-related restrictions.

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