The latest
report by IHS Markit revealed on Wednesday the seasonally adjusted final IHS
Markit U.S. Services Business Activity Index (PMI) stood at 58.3 in January
2021, up from 54.8 in December 2020 and higher than the earlier released “flash”
estimate of 57.5. The latest reading pointed to a sharp expansion in services
activity, the pace of which, excluding November's recent high, was the fastest
since March of 2015.
Economists had
forecast the index to stay unrevised at 57.5.
According to
the report, firms linked
the January upturn to stronger client demand and an increase in new business.