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Service PMI Surprisingly Hits 11-Month High, Faster Selling Price Inflation

  • Both the manufacturing and service PMIs surprisingly increased in the preliminary March report. Collected between 10-23 March, it shows little sign of an immediate impact from regional banking issues.
  • The services PMI increased from 50.6 to 53.8 (cons 50.3) and the manufacturing from 47.3 to 49.3 (cons 47.0), to 11- and 5-month highs respectively.
  • Focusing on services: “New orders at service providers increased for the first time since last September, as greater client activity sparked a modest upturn in new sales”
  • Stronger service price pressures: “Input prices rose markedly again in March, despite the rate of cost inflation softening to the second-slowest since October 2020. Firms’ pricing power was buoyed by stronger demand conditions, as they raised their selling prices at the sharpest rate for five months.”

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