Adjusted for seasonal influences, the Markit Flash U.S. Services PMI™ Business Activity Index posted 53.4 in December, down slightly from 54.6 in November but above the 50.0 no-change value for the tenth consecutive month. The average reading for the final quarter of 2016 (54.2) pointed to the steepest upturn in service sector output since Q4 2015.
US Services PMI fell to 53.4
U.S. service providers indicated a solid upturn in business activity at the end of 2016, although the rate of expansion eased further from October’s recent peak amid a slightly softer rise in new work. The latest survey nonetheless revealed an acceleration in jobs growth for the third month running and a stronger degree of optimism about the year-ahead business outlook. Meanwhile, cost pressures intensified in December, with the latest rise in input prices one of the fastest seen since mid-2015.
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