PMI Services Growth Moderate-To-Solid

Moderate-to-solid growth is the indication from the services PMI which ended January at the 54.2 level posted at the mid-month flash. This index ended December at 54.4.

New orders slowed only slightly though to the lowest growth rate in more than a year with export orders flat for a second month. Growth in output eased to a 4-month low with hiring also slowing slightly. Rising in the month were backlogs and 12-month confidence. Lower fuel costs, as in many other regional and small sample reports, pulled input costs lower while selling prices, as in other reports, remained firm to higher.

Steady and solid, despite January's slight slowing, is a healthy combination for this sample and the economy as a while.