2/3, 3:46 PM (Source: TeleTrader)
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US composite PMI improves in January

The United States PMI Composite Output Index, which takes both the services and the manufacturing business activity into account, came in at 46.8 in January, improving from December 2022's 45, S&P Global revealed on Friday in its final report. Although the figure still landed below the neutral 50, this was the slowest pace of decline in three months.

The Services PMI Business Activity Index also stood at 46.8 in January, rising from 44.7 recorded a month prior. Although the pace of contraction eased both across the manufacturing and service sectors, "new business and new export orders declined," it was noted in the report.

"Business activity in the vast US services economy contracted in January as companies reported a further deterioration in new business inflows. Hiring has almost ground to halt as firms reassess their payroll needs in the light of the weaker demand environment," Chief Business Economist at S&P Global Market Intelligence Chris Williamson.

Baha Breaking News (BBN) / AY