需求细项显示更广泛加速。新订单指数升至58.6，为一年多高点；三分之一服务业者回报更高预订，占比为三年最高。商业活动增速为2024年5月以来最快，订单积压指数一次跳升11.9点至近四年高位。2月有14个服务产业成长、3个收缩；库存增速为2024年10月以来最快。另据ADP，美国企业新增6.3万个职位（63,000），为7月以来最多。
这些数据反映的韧性大多出现在美以对伊朗攻击之前。Sal Guatieri指出，除非能源价格出现极端情境，美国经济年初的韧性可望缓冲战争扰动。出口需求亦明显转强，服务业就业创下一年来最强增幅。与制造业投入价格创2022年以来最快升势不同，服务业支付价格指数降至近一年低位；但关税波动、半导体供应限制与RAM短缺仍持续推高部分零组件成本与交期，住宅建筑也受可负担性与利率压力拖累。
US services expanded in February at the fastest pace since mid-2022: the Institute for Supply Management (ISM) services index rose 2.3 points to 56.1. Readings above 50 signal expansion, and 56.1 was not only higher than January but also above every economist projection in a Bloomberg survey, indicating synchronized strength in demand and business activity.
Demand internals show a broader acceleration. The new orders index climbed to 58.6, a more than one-year high; one-third of providers reported higher bookings, the largest share in three years. Business activity grew at the fastest rate since May 2024, and the backlog measure jumped 11.9 points in a single month to an almost four-year high. In February, 14 service industries expanded and 3 contracted; inventory growth was the fastest since October 2024. Separately, ADP showed US firms added 63,000 jobs, the most since July.
This resilience was largely measured before the US-Israeli attacks on Iran. Sal Guatieri argued that, unless energy prices enter an extreme scenario, early-year US resilience should cushion war-related turbulence. Export demand also strengthened notably, and services employment posted its firmest gain in a year. Unlike manufacturing, where input prices rose at the fastest pace since 2022, the services prices-paid index fell to an almost one-year low; however, tariff volatility, semiconductor supply constraints, and RAM shortages still raised component costs and lead times in parts of the economy, while residential construction remained constrained by affordability and interest rates.