US manufacturing and services expand more quickly in February, PMIs show

Far from slowing, the US economy was firing on all cylinders in March, according to the results of two surveys.

IHS Markit's services sector Purchasing Managers' Index hit an eight-month high of 58.9, up from 56.5 one month before.

A PMI for manufacturing meanwhile rose from 57.3 to 58.5.

According to IHS Markit, pent-up demand and easier Covid-19 restrictions supported activity.

Companies also reported that less severe supply chain disruptions together with job creation allowed them to increase their output.