Outside the Integration Facility at the Baikonur Cosmodrome in Kazakhstan, Expedition 48-49 crewmembers Takuya Onishi of the Japan Aerospace Exploration Agency (left) and Kate Rubins of NASA (second from left) receive a briefing on the use of a satellite

US services PMI increases after 7th straight month of contraction

According to a report by S&P Global, the US services sector returned to expansion territory in February, with the Purchasing Managers’ Index (PMI) rising to 50.6, up from 46.8 in January. This marks the first time in seven months that the PMI has been above 50, indicating growth in the US services sector. The PMI was above the preliminary estimate of 50.5.

The rise in the PMI was attributed to a surge in employment and new orders, which reached their highest level in more than a year. Business sentiment for the next year also reached its highest level since May 2022. The data eased concerns about inflation.

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