- The US ISM Services PMI for December came in below market expectations.
- The Dollar Index remains in negative territory near 102.00.
Business activity in the US services sector continued to expand in December, although at a slower pace than in November, with the ISM services PMI falling to 50.6 from 52.7. This reading disappointed market expectations. This reading disappointed market expectations, which expected 52.6.
Other survey data showed that the Prices Paid Index, the component of inflation, fell slightly to 57.4 from 58.3, while the employment index fell sharply to 43.3 from 50.7. Finally, the new orders index fell from 55.5 to 52.8 points.
Anthony Nieves, Chairman of the Service Business Survey Committee of the Institute for Supply Management (ISM), stated that “the services sector experienced a slight rebound in growth in November, attributed to increased business activity and slight growth in employment,” and that “respondents' comments vary by company and industry. Concerns remain about inflation, interest rates, and geopolitical developments. Rising labor costs and labor restrictions remain employment-related challenges.”
Market reaction
The Dollar Index continued to decline after this data was released and lost 0.4% on the day, standing at 102.00.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
