S&P Global said its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, rose to 46.6 this month from a final reading of 45.0 in December, the first moderation since September but still well below a key reading of 50 used to separate contraction and growth in the private sector.
"The worry is that... the rate of input cost inflation has accelerated into the new year, linked in part to upward wage pressures, which could encourage a further aggressive tightening of Fed policy despite rising recession risks," Chris Williamson, chief business economist at S&P Global Market Intelligence, said in a statement.
January was the first time the index has been above the 50 mark since June and the reading was better than expected. Pressure on Germany's economy, Europe's largest, eased further in January as inflation slowed and businesses looked to the new year with optimism, a sister survey showed, although sentiment was still shy of predicting a return to growth.
The dollar languished near a nine-month low against the euro on Tuesday as markets continued this year's buoyant mood after the PMI data and a slew of corporate earnings. [MKTS/GLOB]
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