US ISM Services PMI rose to 58.7 in January, up from 57.5, above expectation of 57.5. Services sector has been growing for the eighth consecutive months. Looking at some details, production dropped slightly by -0.6 to 59.9. New orders rose 3.2 to 61.8. Employment rose 6.5 to 55.2. Prices dropped -0.2 to 64.2.
ISM said: “The past relationship between the Services PMI® and the overall economy indicates that the Services PMI® for January (58.7 percent) corresponds to a 3.4 -percent increase in real gross domestic product (GDP) on an annualized basis.”
