March Markit Services PMI: "Business activity expands at fastest pace on record amid marked uptick in client demand"

The April US Services Purchasing Managers' Index conducted by Markit came in at 64.7 percent, up 5.0 from the final March estimate of 59.7.

Here is the opening from the latest press release:

Commenting on the latest survey results, Chris Williamson, Chief Business Economist at IHS Markit, said:

“Thanks to the cocktail of a successful vaccine roll-out, the reopening of the economy, ultra-accommodative monetary policy and injection of fresh fiscal stimulus, businesses are reporting the strongest surge in demand seen for at least a decade.

“The upswing in demand has led to one of the strongest months of job creation yet recorded by the survey as business prepares for better times ahead.

"The biggest threat to the outlook remains new virus variants, which will inevitably mean international travel and associated business activity will stay under pressure for some time to come, but in the meantime the domestic economy is faring very well, especially consumer facing industries.

“Another concern is prices, with a record increase in service sector charges highlighting how inflationary pressures are by no means confined to the manufacturing sector. Indicators of price pressures and capacity constraints will need to be monitored closely to assess whether such price rises are transitory.” [Press Release]

Here is a snapshot of the series since mid-2012.