US: S&P Global Services PMI slumps to 44.4 in December vs. 46.8 expected – by eren_fxstreet UnitedStates PMI Macroeconomics EconomicIndicator
Regarding the price pressure in the service sector, "inflationary pressures in the service sector cooled notably in December, as input costs rose at the softest pace since October 2020," said S&P Global. "Despite some material and labor costs rising, reports of lower wholesale and fuel prices eased pressure on cost burdens."
Commenting on the data, "business conditions are worsening as 2022 draws to a close, with a steep fall in the PMI indicative of GDP contracting in the fourth quarter at an annualised rate of around 1.5%," noted Chris Williamson, Chief Business Economist at S&P Global Market Intelligence. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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