U.S. service-sector activity expanded in September at the fastest pace in more than five years, with technology businesses leading a broad advance as stronger demand encouraged companies to increase hiring, according to a survey released Monday by S&P Global.
\n\nThe Services PMI Business Activity Index rose to 58.8 from 56.5 in August, marking its fourth consecutive monthly increase and the strongest expansion since July 2021. Readings above 50 indicate growth compared with the previous month.
\n\nActivity increased across all five broad services sectors covered by the survey for the first time in ten months. Information and communication businesses reported by far the strongest expansion, while transportation and storage returned to growth.
\n\n“Tech companies are reporting by far the strongest growth but the rising tide is now lifting all boats as far as the major sectors are concerned,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.
\n\nWilliamson said growth was also accelerating among consumer-facing businesses, industrials, and healthcare companies, while financial services continued to record solid growth.
\n\nThe report showed a sharp strengthening in demand. New orders increased at the fastest pace in four-and-a-half years, with respondents reporting particular strength in domestic business.
\n\nExport orders also increased for…
Original source: https://www.breitbart.com/economy/
