United States: Composite PMI rises in December
The S& P Global Flash Composite Purchasing Managers’ Index (PMI) rose to 51.0 in December from November’s 50.7. December’s result marked the strongest reading since July. Consequently, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in private sector operating conditions compared to the previous month. The improvement was driven by new orders and output both rising at the fastest pace in five months, and by renewed job creation. Less positively, new export orders stagnated amid pressure on disposable incomes in overseas markets.
The Manufacturing PMI came in at 48.2 in December, down from November’s 49.4, while the Services PMI increased to 51.3 in December (November: 50.8). As such, the PMI data continued to signal a divergence in economic strength between the manufacturing and services sectors, as has been the case throughout this year.