US Private Sectors Expands in December

U.S. private-sector activity continued to expand in December as service-sector growth picked up and hiring increased, an industry report showed on Wednesday.

Financial data firm Markit said its preliminary composite Purchasing Managers Index (PMI) – a weighted average of its manufacturing and services indexes – was 56.2 this month, unchanged from November. Readings above 50 indicate expansion.

December’s service sector PMI rose to 56.0 from 55.9 as new orders increased, prompting businesses to take on more staff. The employment index, after hitting an eight-month low of 52.4 last month, jumped to 55.7 in December, the fastest rate of growth since Markit’s data collection began in late 2009.

Across the private sector, the employment gauge rose to 55.4 from 52.4.

via Reuters

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.