The final reading for activity in the U.S. services sector hit its highest in 4-1/2 years, pushed higher by increasing new business activity and hiring, a survey showed on Thursday.
Financial data firm Markit said its final services Purchasing Managers Index hit 61.0 in June, the highest final reading since the survey began in October 2009, compared with May’s final reading of 58.1. It was slightly lower than the 61.2 preliminary print.
A reading above 50 signals expansion in economic activity.
The services sector added employees at the fastest rate on record with the employment index coming in at 56.1, higher than the 55.4 preliminary reading. Last month’s final read came in at 52.8.
The new orders subcomponent also hit its highest on record.