In January, both the S&P Global Manufacturing and Services PMIs in the United States expanded, but were slightly below expectations.

In January, both the S&P Global Manufacturing and Services PMIs in the United States expanded, but were slightly below expectations.

The US S&P Global Manufacturing PMI for January was slightly higher than December, while the Services PMI remained unchanged from December; however, both were slightly below expectations.

Specifically, the data are as follows:

  • US S&P Global Manufacturing PMI preliminary reading for January was 51.9, expected 52, previous 51.8. Among them, the employment subindex preliminary reading fell to 51.1, the lowest since last July, but still expanded for six consecutive months.
  • US S&P Global Services PMI preliminary reading for January was 52.5, expected 52.9, previous 52.5.
  • US S&P Global Composite PMI preliminary reading for January was 52.8, expected 53, previous 52.7.

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said:

Growth rates of new business in both US manufacturing and services are worryingly subdued, further suggesting that growth in the first quarter may disappoint. Meanwhile, employment growth has already been disappointing, with payroll numbers reported in January nearly stagnating again, as businesses are wary of adding more staff in an environment of uncertainty, weak demand, and high costs.

 

 

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