• Headline ISM Services PMI was a touch higher than expected at 59.9 but still its weakest since March 2021. 
• The market reaction to the latest data was muted. 

The headline ISM Services PMI figure fell to 59.9 in January from 62.0 in December, slightly above the expected reading of 59.5 but still the lowest such reading since March 2021, according to the latest release by the Institute for Supply Management.

Subindices:

• Business Activity fell to 59.9 from 68.3 in December. 
• Prices Paid fell to 82.3 from 83.9. 
• New Orders fell to 61.7 from 62.1, its lowest since February 2020. 
• Employment dropped to 52.3 from 54.7, its lowest since June 2021. 

Market Reaction

The market reaction to the latest broadly in line with consensus ISM Services survey has been muted.