- December 17, 2021
- Posted by: Stratford Team
- Category: Business
By Xavier Fontdegloria
U.S. private sector economic growth maintained strong momentum in December as service sector activity expanded sharply on strong demand, while supply-chain delays in the manufacturing sector eased, data from IHS Markit’s survey of purchasing managers showed Thursday.
The flash U.S. composite output index fell to 56.9 in December from 57.2 in November, a three-month low. The index is based on data from the firm’s PMI surveys for manufacturing and service sectors. A reading above 50 indicates growth, while a level below 50 signals contraction.
The index suggests a strong rise in private sector business activity, although slower than rates seen earlier in the year, the report said.
“The survey data paint a picture of an economy showing encouraging resilience to rising virus infection rates and worries over the Omicron variant,” said Chris Williamson, chief business economist at IHS Markit.
Service sector…
