U.S. Services PMI Expands in January: IHS Markit

The United States services sector’s purchasing managers’ index (PMI) expanded in January, showing that the U.S. economy is recovering from the impact of the Coronavirus pandemic, data by IHS Markit showed on Wednesday.

The seasonally adjusted final IHS Markit US Services PMI Business Activity Index rose to 58.3 in January up from 54.8 in December.

The reading came higher than the earlier flash estimate of 57.5.

This is the second highest rise for the index in almost six years.

The survey results attributed the uptick to strong client demand and an increase in new business.

The January data also indicated a strong rise in new orders.