ISM survey: U.S. services surge to record high in March
The U.S. services sector, which employs most Americans, recorded record growth in March as orders, hiring and prices all surged
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The U.S. services sector, which employs most Americans recorded record growth in March as the easing of coronavirus restrictions released pent-up consumer demand.
The Institute for Supply Management, an association of purchasing managers, reported Monday that its nonmanufacturing index rose to an all-time high 63.7 last month from 55.3 in February. The old record of 60.9 was set in October 2018.
New orders also hit a record, and hiring and prices grew faster.
Anything above 50 signals growth, and the services sector is on a 10-month winning streak since rebounding from the economic impact of the pandemic last spring. The March reading was much higher than economists had expected.
Although debate on economic policy often focuses on manufacturing, services — such as banks, retailers and restaurants — account for 71% of all U.S. jobs and 83% of private jobs.