The initial PMI of Markit manufacturing industry in the United States in January was 50.3, a new high since October 2022

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Source: Wall Street

Markit manufacturing and service industries in the United States both exceeded expectations in January, improving from December, and manufacturing PMI rose above the boom and bust line.

On Wednesday, January 24, according to the latest data from S&P Global, both Markit manufacturing and service industries in the United States exceeded expectations in January, improved from December, hitting a new high for several months, and manufacturing PMI rose above the boom and bust line.

The specific data are as follows:

In January, Markit manufacturing PMI in the United States reached 50.3, a new high since October 2022, and was expected to be 47.6, up from 47.9.

The PMI of Markit service industry in the United States in January was 52.9, a seven month high, higher than the expected 51.5, and 51.4 before December.

The Markit comprehensive PMI of the United States in January was 52.3, higher than the expected 51, and 50.9 before December.

Chris Williamson, chief business economist of global market intelligence at Standard&Poor's, said when commenting on these data:

The initial PMI data in January showed that the US economy had an encouraging start this year. Enterprises reported that economic growth had accelerated significantly and inflation pressure had dropped sharply.

In January, the output of goods and services both grew at the fastest rate since last June. Against the background of improved demand, the growth momentum accelerated. The inflow of new orders has rebounded for three consecutive months, especially driven by the improvement of sales of domestic customers in the United States, which helps to raise the confidence of enterprises in the next year to the most optimistic level since May 2022.

The hope of declining inflation in 2024 has also boosted confidence, eased the pressure on the cost of living, and facilitated the reduction of interest rates. Since the price rise rate in January was the lowest level since the epidemic blockade in early 2020, companies reported that the sales price inflation is currently lower than the average level before the epidemic, which is consistent with the goal of consumer price inflation lower than 2% of the Federal Reserve.

The survey shows that the supply delay is intensifying, while the labor market is still tense, and the cost pressure needs to be closely monitored in the coming months. However, at present, the survey has sent a clear and welcome message: strong economic growth and significantly reduced inflation.