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“The seasonally adjusted final IHS Markit U.S. Services Business Activity Index registered 56.0 in February, up from 54.2 in January and broadly in line with the earlier released ‘flash’ figure of 56.2,” the IHS Markit announced on Tuesday.

Key takeaways from the press release

  • The rise in business activity was the quickest since last July and above the long-run series trend.  
  • Firms  reported a return to growth in new export orders following a two-month sequence of decline.
  • In line with a stronger rise in new business, firms were required to take on more staff in February amid strains on capacity.
  • Inflationary pressures picked up in February, with service providers registering faster rises in both input prices and output charges.
  • The US Composite PMI Output Index,  a weighted average of the US Manufacturing PMI Output Index and the US Services Business Activity Index, registered 55.5 in February, up from 54.4 in January.