02:45 PM GMT, United States - PMI Data for December:
- S&P Global Composite PMI: actual 56.6; previous 54.9;
- S&P Global US Manufacturing PMI: actual 48.3; forecast 49.4; previous 49.7;
- S&P Global Services PMI: actual 58.5; forecast 55.7; previous 56.1;
The December PMI data paints a contrasting picture of the US economy. The services sector shows remarkable strength, hitting 58.5 - its highest reading in many months, suggesting robust consumer spending and business activity in this sector. This is particularly notable when viewed against the historical trend in the graph, where services activity has rebounded significantly from its mid-2023 levels.
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Create account Try a demo Download mobile app Download mobile appHowever, the manufacturing sector continues to struggle, with the PMI falling to 48.3, marking its third consecutive month below the crucial 50-mark that separates expansion from contraction. The graph clearly shows this divergence, with manufacturing activity (solid black line) trending downward while services (dashed black line) moves upward.
The composite reading of 56.6 indicates overall economic resilience, but masks this significant sectoral divide. Chris Williamson's comments about declining production rates, falling orders, and slower employment growth in manufacturing suggest ongoing challenges in this sector, despite the broader economy's apparent strength. This "two-speed" economy pattern could have important implications for monetary policy decisions heading into 2024.
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