The services sector posted growth for the 19th straight month in December, albeit at a slower pace seen than the previous month.
- The Services PMI stood at 62% in December, 7.1 percentage points lower than the 69.1% all-time high recorded in November. This marks the 10th straight month that the index exceeded 60%.
- The biggest drop was seen in supplier deliveries, which was followed by new orders, services, business activity/production, the backlog of orders, employment, and inventories.
- The highest climb was in imports, followed by new export orders, inventory sentiment, and prices. In terms of industries, accommodation and food services registered the highest growth.
Respondents cited concerns on inflation, supply chain and capacity constraints, logistical challenges, and labor and material shortages.
Source: Institute for Supply Management