US Markit services PMI falls to 53.3 in January from 53.7
Growth in the US services sector slowed a little in January, according to final data released on Monday.
IHS Markit's flash manufacturing index fell to 53.3 from 53.7 in December, hitting a nine-month low but still above the 50.0 mark that separates contraction from expansion.
Meanwhile, the composite PMI output index fell to 53.8 in January from 54.1 in December, with a slowdown in services offsetting an acceleration in output growth in the manufacturing sector.
Chris Williamson, chief business economist at IHS Market, said: "A slowdown in the service sector comes as a disappointment, though was partially offset by faster manufacturing growth during the month. Combined, the two PMI surveys point to the economy expanding at a reasonably solid, albeit not exciting, 2-2.5% annualised rate at the start of the first quarter.
"Beneath the headline numbers, the survey findings are more encouraging, and suggest the pace of economic growth could accelerate in coming months. Most importantly, growth of new orders jumped higher in both sectors in January, registering the largest upturn in new work since last August and one of the biggest gains seen over the past three years. "