18 Dec 2014
Markit flash PMI indicates service sector output growth hit 10-month low
FXStreet (London) - US service sector output growth hit a 10-month low in December, according to the Markit Flash Services PMI report.
The Services PMI business activity index declined to 53.6 in December, from 56.2 in November. The survey pointed to the weakest rate of service sector output growth since the weather-related slowdown in February.
In line with softer output momentum, the latest survey highlighted a further moderation in new business growth from June’s post-crisis peak. In addition, the rise in incoming new work in December was the weakest for nine months. Some survey respondents noted that concerns about the economic outlook had weighted on client demand at the end of the year.
The seasonally adjusted Markit Flash US Composite PMI Output Index registered 53.8 in December, down from 56.1 in November and the lowest reading since October 2013. Softer overall private sector output growth reflected weaker contributions from both the manufacturing and service sectors in December.
The Services PMI business activity index declined to 53.6 in December, from 56.2 in November. The survey pointed to the weakest rate of service sector output growth since the weather-related slowdown in February.
In line with softer output momentum, the latest survey highlighted a further moderation in new business growth from June’s post-crisis peak. In addition, the rise in incoming new work in December was the weakest for nine months. Some survey respondents noted that concerns about the economic outlook had weighted on client demand at the end of the year.
The seasonally adjusted Markit Flash US Composite PMI Output Index registered 53.8 in December, down from 56.1 in November and the lowest reading since October 2013. Softer overall private sector output growth reflected weaker contributions from both the manufacturing and service sectors in December.