The United States Composite PMI Output Index came in at 52.1 in March, slipping from 52.5 registered in February, “but still pointing to a solid monthly increase in overall business activity,” S&P Global revealed in its report on Wednesday. The figure was slightly lower than was predicted in the flash estimate.
The US Services PMI Business Activity Index fell to 51.7 in the reported month, compared to 52.3 recorded in the previous month, landing at a three-month low.
“Confidence in the outlook for the coming year has also lifted higher, which should help to sustain solid growth into the second quarter. The sustained upturn is being accompanied by renewed upward price pressures, however, with wage growth in particular driving costs higher,” Chief Business Economist at S&P Global Market Intelligence Chris Williamson said.