Markit US service index 60.4 vs 60.2 expected

• Prelim was 60.0
• Prior was 59.8
• New orders hit a six-year high
• Rates of input cost and output charge inflation reached fresh
  record peaks (since 2009)

Here’s the commentary on prices in the release:

On the price front, input costs soared in March. The rate of
inflation accelerated to the fastest since data collection for the
services survey began in October 2009. Anecdotal evidence
widely linked the uptick in costs to higher prices for key inputs
such as PPE, paper, plastics, fuel and transportation.

Subsequently, firms sought to pass on higher costs to clients
through a sharper rise in selling prices. A number of companies
also stated that stronger client demand allowed a greater
proportion of the hike in costs to be passed through. The
resulting rate of charge inflation was the quickest on record.