U.S Business Activity Growth to Record High in April, reveals Onevox
Industry: Advertising & Marketing
The expansion pace of business activity in the U.S. private sector accelerated to a record-high in April, signaling that the economic recovery gained further momentum at the beginning of the second quarter. Onevox Creative Solutions that is monitoring the Business Activity in the U.S reveals the good news for the market.
Miami-FL (PRUnderground) April 29th, 2021
The last data from IHS Markit, released last week shows the flash reading for the U.S. Composite Output Index stood at 62.2 in April, up from 59.7 in March. The reading is the highest since data collection began in October 2009. Working with businesses in the United States, Onevox keep updated the market overview. Rodrigo Lins, journalist and CEO at Onevox, explains that the data helps his team to give a real idea on the U.S market behavior for foreign business, especially the ones that want to come to states.
The survey-record expansion of output in April came as looser Covid-19 restrictions and strong client demand boosted business activity. The indicator is based on data from the firm’s PMI surveys for manufacturing and services sectors. In April, a steep upturn in manufacturing production occurred despite unprecedented supply chain disruptions, while services activity growth hit a new high.
“The U.S. economy is enjoying a strong start to the second quarter, firing on all cylinders as loosening virus restrictions, an impressive vaccine roll-out, a brighter outlook and stimulus measures all helped boost demand,” says Rodrigo Lins, chief business at Onevox Creative Solutions. The upturn is broad-based, with both the service sector and manufacturing expanding at solid rates.
IHS Markit’s flash U.S. Services Business Activity Index came in at 63.1 in April, up from 60.4 in March and a series record high. Economists polled by The Wall Street Journal expected the indicator to come in at 61.0. Rodrigo Lins explains that the U.S should be the first economy in the world to be back for the numbers showed before the pandemic crisis.
“There are some investors coming from Brazil and Latin America looking for us and asking about the U.S economy recovery. The data doesn’t lie” says Lins. “What we say now is that this is a good time to start the plan to go international and bring the business, product, service or brand to the United States safely”.
Service providers reported a significant acceleration in new business growth amid the reopening of large portions of the economy, the report said. Average cost burdens continued to rise markedly in April, and the rate of charge inflation quickened as stronger client demand allowed firms to pass on a greater proportion of increases in input prices to clients.
IHS Markit Manufacturing PMI was 60.6 in April, up from 59.1 in March, reaching a record high. Economists expected the U.S. Manufacturing PMI flash reading to increase to 60.5. Manufacturers signaled a sharp rise in output during April, but many firms stated that production capacity was hampered by an inability to source raw materials and inputs in a timely manner, the report said.
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