By Anadolu Agency
April 21, 2023 5:15 pmISTANBUL
The US services sector activity climbed to a 12-month high in April, according to a S&P Global report on Friday.
The S&P Global Flash US Services Business Activity Index came in at 53.7 in April, up 1.1 percentage points from 52.6 in March. It also beat the market expectation of 51.5.
“Stronger demand conditions support sharper growth in April, but also bring renewed inflation momentum,” said the report.
“The upturn in output at service providers was the quickest for a year and solid overall, as greater employment and stronger demand supported the increase,” it added.
The manufacturing purchasing managers’ index (PMI), meanwhile, came in at 50.4 in April, rising 1.2 percentage points from 49.2 in March. It also came higher than the market estimates of 49.0.
Manufacturing PMI also marked its highest level in six months.
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