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- U.S. preliminary services PMI declined to 53.6 in December
U.S. preliminary services PMI declined to 53.6 in December
Markit Economics released its preliminary services purchasing managers' index (PMI) for the U.S. The U.S. preliminary services PMI declined to 53.6 in December from 56.2 in November, missing expectations for an increase to 57.1. This is the lowest level since February 2014.
The decline was driven by slower employment and new business growth.
A reading above 50 indicates expansion in economic activity, below 50 indicates stagnation.
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