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US Services Sector Slowed Slightly in December

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Growth in the US services activity eased in December to a still solid level backed by an increase in new business.

Source: IHS Markit

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The US Services Purchasing Mangers’ Index dropped to 57.6 in December from 58.0 in November. The final reading was largely in line with the flash estimate of 57.5.

The PMI signals that the US services sector continued to expand rapidly, as reading above 50 signals growth. The survey did not fully account for the effects of the Omicron Covid-19 variant.

Sian Jones, the senior economist at IHS Markit, stated that services sector business activity growth remained solid in December, supporting signs of a solid upturn in economic growth at the close of 2021.

Services providers posted an upturn in new business and the sharpest growth in client demand since July, largely attributable to new customer acquisitions and contract gains.

The level of optimism relating to 2022 outlook firms was optimistic of the more favorable labor market and supply-chain conditions.

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