(IHS Markit) The rate of growth of output in the US service sector in January was the weakest in 18-months, with the PMI index at 51.2, down from 57.6 the previous month.
The fall in service sector output was blamed on the spread of the Omicron and dampened demand which crowded out the activity.
Export orders rose for the third straight month, although they eased slightly, with the growth of new business abroad modest.
Firms expanded their workforce numbers, helping to ease backlogs to the slowest pace since August.
Output charges rose at the fastest rate in three months, but cost pressures eased, with the input inflation slowest in three months.
Business confidence on future outlook remained robust, slipping from December’s high to the second-highest since June last year. The improved optimism reflected expectations of higher client demand and a reduction in Covid-19 impacts.
SPY is down -1.06%, DXY is down -0.59%.
