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S&P/Global services PMI index versus a 46.8 versus 46.6 preliminary

Started by forex4you, Feb 04, 2023, 11:21 am

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S&P/Global services PMI index versus a 46.8 versus 46.6 preliminary

<ul><li><a href="https://www.forexlive.com/news/us-january-sp-global-flash-manfacturing-pmi-468-vs-460-expected-20230124/" target="_blank" rel="follow">Prior report</a> </li><li>Composite index final for January 46.8 versus 46.6 preliminary. Last month 45.0</li><li>Services PMI final for January 46.8 versus 46.6 preliminary. Last month 44.7</li></ul><p>From the report:</p><ul><li>"Business activity in the vast US services economy
contracted in January as companies reported a further
deterioration in new business inflows. Hiring has almost
ground to halt as firms reassess their payroll needs in
the light of the weaker demand environment. (HMMMM)</li><li>"The downturn is being led by a slump in financial
services activity, linked in turn to higher borrowing costs,
with consumer-facing service providers also reporting
especially tough business conditions amid the ongoing
squeeze in spending due to the rising cost of living.
</li><li>"Combined with the fall in manufacturing output
recorded during the month, the service sector's
downturn at the start of the year adds to the risk that
the US economy could contract in the first quarter.
</li><li>"The January survey meanwhile brought mixed messages
on inflation. While costs were boosted in part by rising
wage pressures, reflecting the tight labor market, tough
competition once again limited scope to pass on these
higher costs to customers in the form of higher prices."</li></ul><p>For the full report <a href="https://www.pmi.spglobal.com/Public/Home/PressRelease/ac2546efee054343915abda6169b2717" target="_blank" rel="nofollow">CLICK HERE</a>.</p><p>The more closely followed ISM nonmanufacturing PMI index will be released at the top of the hour with expectations of a move back above the 50.4 from 49.2 last month. The nonmanufacturing business activity index is expected to rise to 54.5 from 53.5 last month.</p>

                This article was written by Greg Michalowski at www.forexlive.com.

Source: S&P/Global services PMI index versus a 46.8 versus 46.6 preliminary

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