US economic growth increased in March, signaling that activity is holding up despite high inflation and uncertainty resulting from the war in Ukraine.
- The S&P Global Flash composite output index rose to 58.5 in March from 55.9 in February, indicating that the economy rose at a robust pace.
- The index measures both the manufacturing and services sectors. A score above 50.0 points depicts an increase in activity.
- Chris Williamson, a chief business economist at S&P Global stated that activity in the US private sector gained momentum in March as the relaxing of COVID-19 containment measures offset the downturn from the Ukraine war.
- Production for both the manufacturing and services sectors expanded as inflows of new business increased due to solid demand.
The flash US services PMI rose to 58.9 in March from 56.5 in February, signaling a rapid increase in new business.
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Source: S&P Global