Markit Services PMI: Growth Eases in January
The January US Services Purchasing Managers' Index conducted by Markit came in at 53.3 percent, down 0.4 from the final December estimate of 53.7. The Investing.com consensus was for 53.5 percent. Markit's Services PMI is a diffusion index: A reading above 50 indicates expansion in the sector; below 50 indicates contraction.
Here is the opening from the latest press release:
January survey data indicated a solid rise in U.S. service sector business activity, though the rate of growth eased for a third month running to reach a nine-month low. That said, new business continued to expand strongly, with the upturn accelerating to the fastest since last September.
The seasonally adjusted final IHS Markit U.S. Services Business Activity Index registered 53.3 in January, down from 53.7 in December. The latest index reading signalled a solid expansion in business activity among service providers, albeit the slowest since April 2017. Anecdotal evidence linked the latest upturn to more favourable economic conditions. [Press Release]
Here is a snapshot of the series since mid-2012.