The US services sector grew at a steady clip in February, with new orders and employment rising to more than one-year highs, suggesting the economy continued to expand in the first quarter.
The Institute for Supply Management (ISM) survey on Friday described companies as “mostly positive about business conditions.” The survey added to robust consumer spending and labour market in suggesting the economy was not near a recession. But the economy’s resilience could see the Federal Reserve keep raising interest rates through midyear.
“Activity is not slowing much and that is keeping pressure on prices and on margins,” said Tim Quinlan, a senior economist at Wells Fargo in Charlotte, North Carolina. “The fact that this is occurring alongside an upswing in hiring gives the Fed the green light for further rate increases.”
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