US January Service PMI Final at 52.9, Slightly Exceeds Market Expectations

Son Min

Summary

The final reading of the U.S. January Service PMI was reported to be 52.9, slightly exceeding market expectations.
This announcement suggests that the U.S. service sector is contracting compared to December.
It was noted that PMI is important as it determines expansion or contraction based on the baseline of 50.

The final reading of the United States' January Service Purchasing Managers' Index (PMI) slightly exceeded market expectations.

On the 5th (local time), according to the PMI report released by S&P Global, the final reading of the U.S. January Service Purchasing Managers' Index was 52.9, slightly above the market expectation of 52.8.

The announced Service PMI index recorded a lower figure than last month (56.8), indicating that the U.S. service sector is contracting compared to December.

PMI uses 50 as the baseline to gauge whether the service industry is expanding or contracting.