Private sector companies in the United States expanded their business activity in January at the fastest rate in 10 months, according to a Purchasing Managers’ Index (PMI) report, with services driving all the growth while manufacturing came in muted.
The flash PMI figures, compiled by IHS Markit, showed the manufacturing measures remaining unchanged or dipping to a 3-month low, while the service index and the overall business activity measure both hit 10-month highs. Flash readings are compiled on the basis of around 85 percent of survey responses.
