NEW YORK (Dow Jones) — Business activity in the US service industry was more lively in March than in the previous month, according to a survey by S&P Global, although not as strongly as initially assumed. The purchasing managers’ index calculated by S&P Global for the sector rose to 52.6 from 50.6 points in the second publication. However, economists had expected the reading of 53.8 reported in the first release to be confirmed.
Overall, the development of the US economy accelerated in March. The composite index for production in the private sector – industry and service providers together – rose to 52.3 from 50.1 points in the previous month. Above 50 points, the economic barometer signals growth, below it a contraction.
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(END) Dow Jones Newswires
April 05, 2023 09:53 ET (13:53 GMT)