US S&P Global Manufacturing PMI drops to 48.2 in December, Services PMI improves to 51.3
- US S&P Global Composite PMI edged higher to 51.0 in early December.
- US Dollar Index stays in positive territory at around 102.50.
The economic activity in the US private sector continued to expand at a modest pace in early December, with S&P Global Composite PMI edging slightly higher to 51.0 from 50.7 in November.
The Manufacturing PMI remained in the contraction territory, declining to 48.2 from 49.4, while the Services PMI improved to 51.3 from 50.8.
Commenting on the survey's findings, "the early PMI data indicate that the US economy picked up a little momentum in December, closing off the year with the fastest growth recorded since July," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence. "Despite the December upturn, the survey therefore signals only weak GDP growth in the fourth quarter."
Market reaction
The US Dollar Index showed no immediate reaction to these data and was last trading modestly higher on the day slightly below 102.50.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
