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US PMI Service Costs At Record High In Dec

DATA REACT

Further signs of inflationary pressure in the Markit Services PMI with cost pressures at a new series high in the finalised Dec report covering Dec 6-22.

  • “Input shortages, transportation delays and upticks in labor costs” were all a factor.
  • There was a clear difference between moderating manufacturing costs (also evidenced in yesterday’s ISM mfg prices paid) and accelerating service costs.
  • This was though was partially offset by service companies passing on costs at a modestly slower pace amidst increased competition.
  • Dec’22 and Dec’23 Eurodollars see little change having already moved lower post the strong ADP print. FOMC minutes ahead at 1400ET.
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