U.S. Private Sector Grows at Slowest Pace Since March -- IHS Markit
December 14 2017 - 10:48AM
Dow Jones News
By Adrienne Roberts
The U.S. private sector grew at the slowest pace since March,
according to a report released Thursday, with a slowdown in
services growth offsetting an upturn in manufacturing output.
The Flash U.S. Composite PMI Output Index, a survey from IHS
Markit that takes the temperature of the private sector, dropped to
53 in December from 54.5 in November. Results above 50 separate
expansion from contraction.
December showed "manufacturing production expanded at the
fastest pace since January, while service sector output growth
eased to a 15-month low," IHS Markit said in the report.
Job creation hit a seven-month low in December, the report said,
likely caused by softer new business growth and a moderation in
confidence regarding next year's outlook.
The Flash U.S. Manufacturing PMI Index rose to 55 in December
from 53.9 last month. Economists polled by The Wall Street Journal
were predicting 53.8.
The Flash U.S. Services PMI Business Activity Index was 52.4 in
December, a drop from 54.5 last month. Economists polled by The
Wall Street Journal were predicting 54.4.
"Similar divergences (in the manufacturing and services sectors)
were seen in relation to future growth, with business expectations
picking up in manufacturing to a near-two-year high but waning
markedly in services to the lowest for one and a half years," IHS
Markit Chief Business Economist Chris Williamson said in prepared
remarks.
The final December reports will be released Jan. 2 for
manufacturing and Jan. 4 for services and composite indicators.
Write to Adrienne Roberts at adrienne.roberts@wsj.com
(END) Dow Jones Newswires
December 14, 2017 10:33 ET (15:33 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
IHS Markit Ltd. (NASDAQ:INFO)
Historical Stock Chart
From Mar 2024 to Apr 2024
IHS Markit Ltd. (NASDAQ:INFO)
Historical Stock Chart
From Apr 2023 to Apr 2024