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U.S. technology sector slows sharply in March

Staff Writer |
The U.S. technology sector recorded a sharp slowdown in the rate of growth in output in March, according to the latest US Sector PMI data from IHS Markit.

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Activity rose at the slowest pace since May 2016, as new business growth weakened further from January’s 81-month record.

Among seven sectors monitored, technology was ranked only above healthcare, where a marginal drop in activity was registered in March.

Other sectors of the US economy held up comparatively well in March.

Industrials, basic materials and consumer goods all registered solid growth of output, at rates that were littlechanged from February and close to their respective long-run series averages (since late- 2009).

Consumer goods recorded the strongest growth of output of all sectors over the first quarter as a whole.

Business activity in the US financials sector rose at a faster pace in March, following a period of slowing growth since last November’s recent peak.

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