US: Markit Services PMI edges down to 55.3 in March beats expectation of 54.8

"The seasonally adjusted final IHS Markit U.S. Services Business Activity Index registered 55.3 in March, down slightly from 56.0 in February," the IHS Markit said on Wednesday.

Key takeaways from the press release

• Although service sector firms were buoyed by hopes of further new business growth, they highlighted concerns surrounding uncertainty regarding global trade tensions, economic growth worries and more intense competition. 
• Inflationary pressures continued to soften in March.
• Firms stated that labour and raw material costs had increased further, but to a less marked extent.
• In line with a strong upturn in new business, service providers noted a third successive rise in outstanding business.