US business activity growth strengthened in March, rising to a 3-month high, according to US PMI Composite Output Index, a survey-based GDP proxy. A pickup up in growth for the services industry drove the improvement as activity in the manufacturing sector weakened. “A welcome upturn in service sector activity in March has helped propel stronger economic growth at the end of the first quarter,” says the chief business economist at S&P Global Market Intelligence. “However, the survey data are indicative of the economy growing at an annualized 1.9% rate in March and just 1.5% over the quarter as a whole, pointing to a slowing of GDP growth compared to the end of 2024.”
