The latest report by IHS Markit revealed on Thursday the seasonally adjusted final IHS Markit U.S. Services Business Activity Index (PMI) stood at 55.0 in August, up significantly from 50.0 in July and higher than the “flash” figure of 54.8. This was the highest reading since March 2019 and signaled a strong expansion in business activity across the U.S. service sector.

Economists had forecast the index to stay unrevised at 54.8.

According to the report, output increased at the sharpest rate for nearly one and a half years, new orders grew at the quickest pace for over a year and employment rose at the fastest pace since June 2014.