Private sector output grew at the fastest rate in four years, Markit Economics said Tuesday.
The broader reading of U.S. service activity hit a two-year high in May.
“The survey should help alleviate concerns that the first quarter slowdown reflected underlying sluggishness in the US economy,” Markit’s Tim Moore said in a release.
At 58.6, private sector output registered its highest reading since April 2010. The chart shows how we’re near a post-recession high.
Volumes of new work rose at the steepest pace since February 2011, signal-ling a marked rebound in new business momentum from the 18-month low registered in March, Markit said.
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