January data indicated another solid expansion of U.S. private sector business activity, underpinned by the fastest rise in new work for five months. Manufacturing production continued to increase at a much faster pace than service sector activity.

At 53.8 in January, down from 54.1 in December, the seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index signalled the least marked rate of business activity expansion since May 2017. Nonetheless, the headline index has now posted above the 50.0 no-change threshold for 23 consecutive months.