Economic Buzz: US Services PMI Growth Slows Further In January

4 Feb 2022 , 08:37 AM

US services PMI dipped to 59.9 in January after slumping to 62.3 in December, although a reading above 50 still indicates growth, a report released by the Institute for Supply Management on Thursday showed. With the relatively modest decrease, the services PMI continued to give back ground after reaching a record high of 68.4 in November. The continued drop by the headline index reflected a notable slowdown in the pace of growth in business activity, with the business activity index tumbling to 59.9 in January from 68.3 in December. The new orders index also edged down to 61.7 in January from 62.1 in December, while the employment index fell to 52.3 from 54.7.

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