U.S Economic Activity in the Service Sector Rose for the Eighth Consecutive Month

U.S Services PMI hit 58.7% in January, up one percentage point from December’s level of 57.7%, according to the Institute of Supply Management press release. The reading is the highest since February 2019 and the eighth straight month of growth in the services sector.

• The overall Business Activity Index fell by 0.6 percentage point from 60.5% in December to 59.9% in January.
• The Services Employment Index was 55.2% in January, up 6.5 percentage points from December’s 48.7% reading.
• New Orders Index reached 61.8%, up 3.2 percentage points from December’s reading of 58.6%
• The Prices Index was 64.2%, down 0.2 percentage point from December’s level of 64.4%
• The Supplier Deliveries Index was 57.8%, down 5-percentage points from December’s reading of 62.8%
• The Inventories Index contracted to a reading of 49.2%, down 9-percentage points from December’s reading of 58.2%.
• Inventory Sentiment Index was 49.7% in January, up 2-percentage points from 47.7% in December.
• New Export Orders declined to 47% in January, down 10.3 percentage points from December’s reading of 57.3%
• The Import Index reached 53.5% in January, up 1.7 percentage points from December’s 51.8% level.

U.S stocks are currently mixed as the dollar gains. SPY is up 0.0026%, QQQ is down 0.076%, EURUSD is down 0.20%