At 54.5 in January, up fractionally from 54.4 in December, the seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index was well above the 50.0 no-change value. The latest reading was close to the average seen over the final quarter of 2018 (54.7) and signalled robust expansion of private sector output at the beginning of 2019. The composite index is based on original survey data from the IHS Markit U.S. Services PMI and the IHS Markit U.S. Manufacturing PMI

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit said: “US businesses reported a solid start to 2019, with the rate of expansion running only slightly weaker than the average seen in the second half of last year. “The resilience of the survey data suggest little impact from the government shutdown on the private sector, with very few companies reporting any material detrimental impact on their output or order books. “Historical comparisons suggest January’s survey data are indicative of the economy growing at an annualised rate close to 2.5%. However, as the survey does not include the government sector, the impact of the shutdown may not be fully captured”.