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US DATA: Services PMI Revised Firmly Lower But Still Highest Since Early 2022

US DATA
USEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsNorth America
  • Services PMI: 56.8 (cons & prelim 58.5) in Dec after 56.1 in Nov.
  • Composite PMI: 55.4 (prelim 56.6) in Dec after 54.9 in Nov.
  • The services PMI saw a marked downward revision in the final December release, removing the 58.5 that had been its strongest reading for thirty-three months, although it nevertheless still marks a further improvement to its highest since Mar 2022.
  • Despite stronger economic activity, cost inflation eased to its slowest for almost a year: “US service providers saw rates of expansion in business activity and new orders strengthen further in December amid a greater willingness among customers to spend following the Presidential Election result. Business confidence also perked up. With workloads rising, companies increased employment for the first time in five months. Meanwhile, cost inflation eased to the slowest for almost a year, with charges again up only modestly.”
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Source: S&P Global
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  • Services PMI: 56.8 (cons & prelim 58.5) in Dec after 56.1 in Nov.
  • Composite PMI: 55.4 (prelim 56.6) in Dec after 54.9 in Nov.
  • The services PMI saw a marked downward revision in the final December release, removing the 58.5 that had been its strongest reading for thirty-three months, although it nevertheless still marks a further improvement to its highest since Mar 2022.
  • Despite stronger economic activity, cost inflation eased to its slowest for almost a year: “US service providers saw rates of expansion in business activity and new orders strengthen further in December amid a greater willingness among customers to spend following the Presidential Election result. Business confidence also perked up. With workloads rising, companies increased employment for the first time in five months. Meanwhile, cost inflation eased to the slowest for almost a year, with charges again up only modestly.”
image
Source: S&P Global