The United States Purchasing Managers' Index (PMI) Composite Output Index, which calculates the joint results in services and manufacturing, reached 53.5 in March, matching analysts' expectations but advancing from February's 51.6, S&P Global revealed on Thursday.

Meanwhile, the Services PMI Business Activity Index landed at 54.4, increasing from 51.0 and reaching the highest level in 2025.

"March saw a welcome rebound in service sector business activity after a weak start to the year, with employment also returning to growth after a decline seen in February … Companies report heightened concerns and uncertainty around the impact of political change, ranging from DOGE-related budget cutting to tariffs and the degree to which foreign demand may be affected by recent policy initiatives" S&P Global Market Intelligence Chief Business Economist Chris Williamson commented.