US December S&P Global final services PMI 44.7 vs 44.4 prelim
Prior was 46.2Composite 45.0 vs 44.6 prelimOutput levels declined further amid weak demand conditions New orders fell further Rates of input price and output charge inflation eased to the slowest paces since October 2020Siân Jones, Senior Economist at S&P Global Market Intelligence, said: "US private sector firms brought 2022 to a close signalling marked obstacles to overcome with relation to the health of the economy. Contractions in output and new business were broad-based and gathered pace in December as customer unease led to dwindling demand and order postponements. "Despite weak demand conditions, firms continued to hire staff. Nonetheless, the pace of job creation was only slight as some firms turned their focus to filling temporary worker and long-held skilled jobs vacancies, whilst others reported instances of employees being laid off. "A notable development through the month was a stark easing in inflationary pressures across the private sector. Muted demand for inputs led to the least marked uptick in costs for over two years, while companies also saw a slower increase in selling prices in a bid to entice customers and boost sales. The pass through of cost savings in the form of customer discounts will likely signal further adjustments to inflation as we enter 2023." This article was written by Adam Button at www.forexlive.com.
- Prior was 46.2
- Composite 45.0 vs 44.6 prelim
- Output levels declined further amid weak demand conditions
- New orders fell further
- Rates of input price and output charge inflation eased to the slowest paces since October 2020
Siân Jones, Senior Economist at S&P Global Market Intelligence, said:
"US private sector firms brought 2022 to a close signalling marked obstacles to overcome with relation to the health of the economy. Contractions in output and new business were broad-based and gathered pace in December as customer unease led to dwindling demand and order postponements.
"Despite weak demand conditions, firms continued to hire staff. Nonetheless, the pace of job creation was only slight as some firms turned their focus to filling temporary worker and long-held skilled jobs vacancies, whilst others reported instances of employees being laid off.
"A notable development through the month was a stark easing in inflationary pressures across the private sector. Muted demand for inputs led to the least marked uptick in costs for over two years, while companies also saw a slower increase in selling prices in a bid to entice customers and boost sales. The pass through of cost savings in the form of customer discounts will likely signal further adjustments to inflation as we enter 2023."
This article was written by Adam Button at www.forexlive.com.
