Tuesday, 7 January 2014

Global services sector slows

Data on Monday showed that global services activity slowed at the end of 2013.

In the US, the Institute for Supply Management's non-manufacturing index fell to 53 last month from 53.9 in November and Markit's services PMI fell by 0.2 point to 55.7 in December.

However, US manufacturing showed resilience as new factory orders jumped 1.8 percent in November after having fallen 0.5 percent the previous month.

In the euro area, Markit's composite output index for the region rose to 52.1 in December from 51.7 in November even though the services PMI fell to 51.0 from 51.2.

Services also slowed in the UK in December. Markit's services index fell to a six-month low of 58.8 last month from 60.0 in November, helping to pull the composite index down to 59.5 from 60.4.

Finally, China also confirmed slower growth in its services sector on Monday. The HSBC/Markit services PMI fell to 50.9 in December, its lowest since August 2011, from 52.5 in November.

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