US service sector growth hits 12-year high
The synchronized global economic upswing continues
The National Association of Purchasing Managers’ non-manufacturing composite index jumped to 60.1, well above expectations and the highest level in more than 12 years.
The index measures the percentage of companies reporting expanding business in services. There’s no doubt about it: the US economy is doing a lot better, and there’s a coordinated global upswing including China, Japan and Europe as well. The Markit US Services Purchasing Managers Index, which measures similar activity from a different sample of companies, was reported at 55.3 earlier today.