S&P/Global services PMI index versus a 46.8 versus 46.6 preliminary | Forexlive

• Prior report
• Composite index final for January 46.8 versus 46.6 preliminary. Last month 45.0
• Services PMI final for January 46.8 versus 46.6 preliminary. Last month 44.7

From the report:

• “Business activity in the vast US services economy
  contracted in January as companies reported a further
  deterioration in new business inflows. Hiring has almost
  ground to halt as firms reassess their payroll needs in
  the light of the weaker demand environment. (HMMMM)
• “The downturn is being led by a slump in financial
  services activity, linked in turn to higher borrowing costs,
  with consumer-facing service providers also reporting
  especially tough business conditions amid the ongoing
  squeeze in spending due to the rising cost of living.
• “Combined with the fall in manufacturing output
  recorded during the month, the service sector’s
  downturn at the start of the year adds to the risk that
  the US economy could contract in the first quarter.
• “The January survey meanwhile brought mixed messages
  on inflation . While costs were boosted in part by rising
  wage pressures, reflecting the tight labor market, tough
  competition once again limited scope to pass on these
  higher costs to customers in the form of higher prices.”

For the full report CLICK HERE.

The more closely followed ISM nonmanufacturing PMI index will be released at the top of the hour with expectations of a move back above the 50.4 from 49.2 last month. The nonmanufacturing business activity index is expected to rise to 54.5 from 53.5 last month.