The US Economy Is Enjoying A Major Growth Spurt

"The US economy is enjoying a major growth spurt, entering the second half of the year with very strong momentum," said Markit's Chris Williamson.

Markit's services purchasing managers index (PMI) climbed to 61.0 in June from 58.4 in May.

Any reading above 50 signals growth in the sector.

"The index has now picked up in three of the past four months, with the latest reading signalling the strongest rate of output growth since the survey began in October 2009," noted Markit. "Moreover, the average reading during the second quarter of the year (58.0) was the strongest since Q1 2012."

Here are some key points from the report:

• Strongest rise in business activity since the survey began in October 2009
• New business growth and job creation also hit survey-record highs
• Input cost inflation accelerates to fastest for five months

"A further acceleration of growth signalled by the manufacturing and services PMIs in June suggests that the economy may have grown at an annualised rate of perhaps 4% in the second quarter," continued Williamson. "Some of this growth represents a rebound from the weather- related disruptions of the first quarter, but there is a clearly underlying groundswell of rising demand for both goods and services."