March data revealed another strong increase in private sector output, together with a further solid payroll gain and elevated price pressures. At 54.3 in March, down from 55.8 in the previous month, the seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index has remained above the 50.0 no-change threshold for just over two years.

The latest upturn in business activity was faster than the average over this period, driven by solid rises in both manufacturing production and service sector output.