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The backbone of the US economy roared back to life at record speed in March

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After the freeze, comes the thaw. For the US economy, the pandemic era stopped the all-important service sector in its tracks. Now a spring thaw is emerging in more ways than one.

The Institute for Supply Management’s index of service businesses rose to 63.7 last month from 55.3, according to a Monday release. The level surpasses the previous record set in October 2018 and implies the fastest rate of expansion since data collection began in 1997. The reading also beat all estimates from economists surveyed by Bloomberg.

Readings above 50 indicate industry expansion, while those below the details ⇒

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