The United States Composite PMI Output Index landed at 55.4 in December, rising from 54.9 registered in November, the S&P Global shared in its report on Monday.
The seasonally adjusted Services PMI Business Activity Index stood at 56.8 in December, improving from November's 56.1 and reaching a 33-month high. The growth in business activity was attributed to improved "client demand" after the November presidential elections, it was specified in the report.
"Business activity in the vast services economy surged higher in the closing month of 2024 on fuller order books and rising optimism about prospects for the year ahead," S&P Global Market Intelligence Chief Business Economist Chris Williamson said. "Expectations of faster growth in the new year are based the anticipation of more business-friendly policies from the incoming Trump administration, including favorable tax and regulatory environments alongside protectionism via tariffs," he added.
