US services sector growth slows to 7-month low in December - IHS Markit
Activity in the US services sector slowed less than initially estimated in December, according to figures out on Thursday.
IHS Markit's services business activity index fell to 53.7 from 54.5 in November, reaching a seven-month low but coming in above the flash reading of 52.4.
Meanwhile, the seasonally-adjusted composite PMI output index fell to 54.1 last month from 54.5 in November, above the flash reading of 53.0
Chris Williamson, chief business economist at IHS Markit, said: "The final services and manufacturing PMI surveys collectively signalled faster business activity growth than the earlier flash readings, though still indicated a moderation in the pace of expansion to the weakest since June. A welcome improvement in manufacturing output growth was countered by a slowdown in the comparatively larger services economy.
"However, while moderating, the overall rate of expansion remains relatively robust, with the PMIs running at levels consistent with the economy growing at a solid 2-2.5% annualised rate in the fourth quarter.