US S&P Global Manufacturing PMI declines to 51.8, Services PMI falls to 52.9 in December
- US S&P Composite PMI declined in December but held above 50.
- US Dollar Index stays under bearish pressure, fluctuates slightly below 98.00.
The business activity in the United States' (US) private sector continued to expand in December, albeit at a softer pace than it did in November, with the S&P Global Composite Purchasing Managers' Index (PMI) declining to 53 from 54.2.
In this period, the Manufacturing PMI declined to 51.8 from 52.2, while the Services PMI fell to 52.9 from 54.1.
Assessing the survey's findings, "the flash PMI data for December suggest that the recent economic growth spurt is losing momentum. Although the survey data point to annualized GDP expansion of about 2.5% over the fourth quarter, growth has now slowed for two months," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.
"“Firms have also lost some confidence in the outlook and have restricted their hiring in December in accordance with the more challenging business environment," Williamson added.
Market reaction
The US Dollar Index stays on the back foot after the PMI data and was last seen losing 0.3% on the day at 97.96.
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