US December Service PMI at 58.5, Exceeds Market Expectations

The US December Service Purchasing Managers' Index (PMI) exceeded market expectations.

According to the PMI report released by S&P Global on the 16th (local time), the US December Service Purchasing Managers' Index was 58.5, surpassing the market expectation of 55.7. The announced service PMI index recorded a higher figure than last month (56.1), indicating an expansion in the US service sector.

Meanwhile, the Manufacturing PMI announced on the same day recorded 48.3, slightly below the market expectation of 49.7.

PMI uses 50 as the baseline to gauge whether the service sector is expanding or contracting.