US S&P Global Manufacturing PMI declines to 48.3 in December, Services PMI improves to 58.5
- US private sector continued to grow at a healthy pace in December.
- US Dollar Index stays in positive territory above 107.00.
US S&P Global Composite PMI rose to 56.6 in December's flash estimate from 54.9 in November, showing that the business activity in the US' private sector continued to expand at an accelerating pace.
S&P Global Services PMI improved to 58.5 from 56.1. On a negative note, the Manufacturing PMI declined to 48.3 from 49.7 in the same period.
Assessing the survey's findings, "business is booming in the US services economy, where output is growing at the sharpest rate since the reopening of the economy from COVID lockdowns in 2021," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.
"It’s a different picture in manufacturing, however, where output is falling sharply and at an increased rate, in part due to weak export demand," Williamson added.
Market reaction
The US Dollar Index edged higher with the immediate reaction to PMI figures and was last seen rising 0.2% on the day at 107.15.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
