International financial research organization IHS Markit has announced the leading data of the US manufacturing, services and composite Purchasing Managers Index (PMI) for January.
Accordingly, manufacturing industry PMI decreased by 2.7 points to 55 in January compared to the previous month. In this period, the index, which fell more than the market expectations, was expected to reach 56.7. The index, which saw its lowest level in 15 months in January, was recorded as 57.7 last month.
The services sector PMI also decreased by 6.7 points to 50.9 in January compared to December. The index, which fell to its lowest level in 18 months in the said period, was expected to be 55. The services sector PMI was 57.6 in December 2021.
Composite PMI covering the manufacturing and services sectors also decreased by 6.2 points compared to the previous month to 50.8 in January. As in the services sector, the composite PMI, which saw its lowest level in 18 months, was calculated as 57 in December.
"The USA economy almost came to a standstill at the beginning of the year"
Chris Williamson, Chief Economist at IHS Markit, stated in the statement that the US economy came to a near standstill at the beginning of the year with increasing new types of coronavirus (Kovid-19) cases, worsening supply chain delays, workforce shortages and new restrictions to contain the spread of the Omicron variant.
Pointing out that the deterioration in the supply chain has eased compared to most of the second half of last year, Williamson said that this helped the manufacturing optimism about the next year to reach its highest level for more than a year.
A PMI value of 50 and above indicates "expansion" in the sector, and below 50 indicates "contraction".
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