U.S. services sector activity grows more than initially estimated in January - IHS Markit

Market news

3 February 2021

U.S. services sector activity grows more than initially estimated in January - IHS Markit

The latest report by IHS Markit revealed on Wednesday the seasonally adjusted final IHS Markit U.S. Services Business Activity Index (PMI) stood at 58.3 in January 2021, up from 54.8 in December 2020 and higher than the earlier released “flash” estimate of 57.5. The latest reading pointed to a sharp expansion in services activity, the pace of which, excluding November's recent high, was the fastest since March of 2015.

Economists had forecast the index to stay unrevised at 57.5.

According to the report, firms linked the January upturn to stronger client demand and an increase in new business.

U.S.: ISM Non-Manufacturing, January 58.7 (forecast 56.8)

U.S.: Services PMI, January 58.3 (forecast 57.5)

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