business activity surged passed expectations in February to near a six-year high, led by resurgent services, unfazed by political uncertainty two months from a presidential election, a monthly poll showed on Tuesday.
Data compiler IHS Markit said its preliminary composite purchasing managers index jumped to 56.2 in February from 54.1 in January, reaching the highest level since May 2011.
The increase beat economists’ expectations for a decline to 53.7 according to a Reuters poll, and marked the eight month in a row the index has been above the 50-point threshold dividing an expansion from a contraction in activity.
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