US: Services PMI Index Surges in February

The services sector PMI index surpassed expectations in February, showing faster growth than anticipated. The ISM services PMI index rose to 53.5 units from 52.8 units in January, while economists polled by Reuters had forecast a decline to 52.6 units. It is worth noting that a reading above 50 units indicates growth in the services sector, with strong performance suggesting resilience in domestic demand. The new orders index for February increased to 52.2 units from 51.3 units in January. Additionally, earlier-released ADP employment data showed the creation of 77,000 jobs, compared to an estimated 140,000 new jobs.