Services sector sees greatest surge on record

The U.S. services sector notched the fastest pace of growth on record last month, new data from a closely watched index shows.

Why it matters: It's another upbeat sign for the economic recovery.

Details: The survey covers industries — arts and entertainment, real estate, and agriculture to name a few — that make up almost 90% of the U.S. economy, per Bloomberg.

Inflation boogeyman: An index for prices paid for materials hit the highest level since 2008.

• Many of the survey respondents flagged product shortages and supply chain issues.