1/24, 3:46 PM (Source: TeleTrader)
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US private sector activity drops to 18-month low in January

The private sector activity in the United States slowed down in January, according to a preliminary report issued by IHS Markit on Monday. The Composite PMI Output Index stood at 50.8, down from December's 57, and at an 18-month low.

The services activity was also at its lowest in the last year and a half at 50.9, marking a 6.7-point drop from December. Meanwhile, the manufacturing PMI recorded a 15-month low, sliding 2.7 points to land at 55 in the year's opening month.

"Soaring virus cases have brought the US economy to a near standstill at the start of the year, with businesses disrupted by worsening supply chain delays and staff shortages, with new restrictions to control the spread of Omicron adding to firms’ headwinds," IHS Markit Chief Business Economist Chris Williamson noted in the report.

Baha Breaking News (BBN) / BU