The ISM Services PMI increased 0.7 pts to 53.5 in February, above expectations of a slight drop to 52.6.

• Business Activity remained growing moderately, down -0.1 pts to 54.4 while New Order growth quickened, up 0.9 pts to 52.2.
• Employment growth strengthened, up 1.6 pts to 53.9, unlike evidence of a decline in staff numbers in manufacturing.
• The Prices index increased 2.2 pts to 62.6 which means that both the services and manufacturing price indexes are above 60. The last time this happened was in July 2022.