US services sector PMI for December revised a tad lower
Services sector activity in the US slowed a bit more than expected at the tail end of 2020, the results of a survey revealed.
IHS Markit's services sector Purchasing Managers' Index for December was revised down from a reading of 54.8 (Preliminary: 55.3), against a November print of 58.4.
The survey compiler said the reading was "still strong", despite the drag on new business from increased virus cases and the dampening effect of restrictions on foreign client demand - with the latter falling for the first time since May.
Cost burdens also continued to "soar", IHS Markit said, with the corresponding sub-index hitting a record high as input prices rebounded.
More encouragingly, said IHS Markit Chief Business Economist, Chris Williamson: "businesses remain much more confident about the outlook in a year’s time than before the successful vaccine developments, reflecting greater optimism for prospects of life returning to normal in the second half of 2021."