The United States PMI Composite Output Index, which accounts for both services and manufacturing business activity, came in at 52.4 in January, declining from 55.4 recorded in December and hitting a nine-month low, S&P Global revealed in its preliminary report on Friday.
The Flash US Services Business Activity Index dropped from 56.8 in December to 52.8 in January. Meanwhile, the manufacturing PMI stood at 50.2 in January, improving from 49.4 recorded in the previous month and expanding for the first time in six months.
"Although output growth slowed slightly in January, sustained confidence suggests that this slowdown might be short-lived. Especially encouraging is the upturn in hiring that has been fueled by the improved business outlook, with jobs being created at a rate not seen for two-and-a-half years," Chief Business Economist at S&P Global Market Intelligence Chris Williamson said.
