Markit Economics reported its final IHS Markit U.S. Services Business Activity Index stood at 56.0 in February, up from 54.2 in January and broadly in line with the 'flash' estimate of 56.2. That was the strongest pace of expansion in the service sector since July.

Economists had expected the indicator to remain unrevised at 56.2. 

According to the report, service providers registered the strongest expansion of new business since last October, amid greater client demand and favourable economic conditions, and new export order growth was the highest for nine months. In addition, the rate of job creation was the quickest for five months and accelerated significantly from that seen in January. At the same time, backlogs of work increased for

the second successive month and to the greatest extent since May 2018.