According to Jinshi Data, U.S. service sector activity accelerated in December, with the non-manufacturing PMI rising to 54.1 from 52.1 in November, exceeding market expectations of 53.3. Hard data such as consumer spending indicate that the U.S. economy performed robustly in the fourth quarter.
ISM data showed that the manufacturing PMI rose to a nine-month high in December, with the new orders index rising to 54.2 from 53.7 in November and the business activity index rising to 58.2 from 53.7. As demand rises, input costs are also rising.
The non-manufacturing price index jumped to 64.4 from 58.2 in November, the highest level since February 2023. The employment index was 51.4, with little change.