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The IHS Markit US Services PMI was revised higher to 70.4 in May 2021, up from a preliminary estimate of 70.1 and pointing to the steepest pace of expansion in the sector since data collection for the series began in October 2009. New order growth hit an all-time high, helped by the continued reopening of the economy following COVID-19 restrictions and by the quickest rise in new export orders for nine months. The pace of job creation softened as firms reported difficulties filling vacancies, but remained solid overall. On the price front, input cost inflation accelerated for the seventh month running and was the sharpest on record, amid ongoing supplier price hikes. In an effort to pass on greater costs, service providers raised their charges at an unprecedented pace. Looking ahead, business confidence was strong, with optimism stemming from looser COVID-19 restrictions and stronger client demand
