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Service PMI Cements Highest Reading Since July

US DATA
  • S&P Global US services PMI was revised a tenth higher to 51.4 (initial 51.3) in the final December print, from 50.8 in Nov to cement its highest reading since July.
  • The press release notes stronger hiring (pace of job creation joint-fastest since June) and sharper cost burdens (most marked increased for three months), but softer increases in selling prices (pace eased to one of the slowest in over three years). See more here.
  • The PMI services index has seen some notably different readings to ISM services over the past two years, although ISM has recently been running higher including 52.7 in November.

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