The final value of the US S&P Global Services PMI in December was 56.8, compared with 58.5 in the previous month.
Odaily reported that according to market information, the final US December S&P Global Services PMI was 56.8, compared to the previous value of 58.5. The final US December S&P Global Composite PMI was 55.4, compared to the previous value of 56.6. S&P Global Market Intelligence Chief Business Economist Chris Williamson stated that in the final month of 2024, service sector business activity increased significantly due to increased orders and rising optimism about the outlook for the coming year. The improvement in service sector performance offset the continued drag from manufacturing on the economy, meaning that after 3.1% GDP growth in Q3, the economy will expand strongly again in Q4. The strong December services PMI has given the US economy a good start to 2025. Given such robust growth, it is understandable that policymakers are taking a more cautious approach to rate cuts. However, a key focus in the coming months will be the potential vulnerability of the economy to any major changes in the interest rate outlook, especially considering that interest rates are expected to be lowered further, with financial services activity remaining an important engine of economic growth at the end of 2024.
