US December Service PMI Final at 56.8, Below Market Expectations

The final reading of the U.S. December Service Purchasing Managers' Index (PMI) fell short of market expectations.

On the 6th (local time), according to the PMI report released by S&P Global, the final reading of the U.S. December Service Purchasing Managers' Index was 56.8, below the market expectation of 58.5. The announced Service PMI index recorded a higher figure than last month (56.1), indicating that the U.S. service sector is expanding.

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