US ISM Services jumped to 63.7 in March, up from 55.3, above expectation of 58.5. Looking at some details, business activity/production rose 13.9 pts to 69.4. New orders rose 15.3 pts to 67.2. Employment rose 4.5 pts to 57.2. Prices rose 2.2 pts to 74.0.
ISM said: “The past relationship between the Services PMI® and the overall economy indicates that the Services PMI® for March (63.7 percent) corresponds to a 5.1-percent increase in real gross domestic product (GDP) on an annualized basis.”
