US ISM Services PMI rose from 56.5 to 58.3 in March, above expectation of 57.7. Looking at some details, business activity/production rose from 55.1 to 55.5. New orders rose from 56.1 to 60.1. Employment rose notably from 48.5 to 54.0. Prices rose 0.7 to 83.8.
ISM said: “The past relationship between the Services PMI and the overall economy indicates that the Services PMI for March (58.3 percent) corresponds to a 3-percent increase in real gross domestic product (GDP) on an annualized basis.”
