Business activity in the US service sector exceeded forecasts in February

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The Institute for Supply Management reported the most significant growth in the US services sector since November 2018. In February, the corresponding index was 59.7 points, rising from 56.7 points in January. Its February value was significantly higher than economists' forecast of 57.2 points. The index exceeds 50 points for 109 months. The indicator characterizing the state of new orders rose to 65.2 points from 57.7 points. New export orders also showed an increase. The corresponding indicator rose to 55 points from 50.5 points. At the same time, the indicator determining the level of imports dropped to 48.5 points, which is the minimum value since 2017. The indicator of entrepreneurial activity was 64.7 points, having increased by 5 points.

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