- The preliminary US January Service PMI recorded 52.8, falling short of the market expectation of 56.4.
- The PMI announcement suggests that the overheating in the service sector is cooling down.
- The preliminary Manufacturing PMI exceeded expectations at 50.1, allowing for various interpretations of the industrial situation.
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The January Service Purchasing Managers' Index (PMI) in the United States fell short of market expectations.
On the 24th (local time), according to the PMI report released by S&P Global, the preliminary January Service PMI in the US was 52.8, below the market expectation of 56.4. This released Service PMI index is lower than last month's 56.8, indicating that the overheating in the US service sector is cooling down.
Meanwhile, the preliminary Manufacturing PMI released on the same day slightly exceeded the market expectation of 49.8, recording 50.1.
PMI uses 50 as the baseline to gauge whether the service sector is expanding or contracting.
Meanwhile, the preliminary PMI is a metric released before the final PMI at the end of the month, used to quickly assess economic conditions.
Minseung Kang
minriver@bloomingbit.ioBloomingbit reporterPiCK News
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