US: Service sector business activity growth softens to seven-month low in Dec - Markit

"The seasonally adjusted final IHS Markit U.S. Services Business Activity Index registered 53.7 in December, down from 54.5 in November," IHS Markit announced on Thursday.

Key highlights

The overall rate of activity growth was the weakest since May and below the series trend.

New business received by service providers continued to increase in December, albeit at a softer pace than that seen in the previous survey period.

Workforce numbers rose at the softest pace since June.

Inflationary pressures eased in December, with both input price and charge inflation softening. 

The final seasonally adjusted IHS Markit U.S. Composite PMI Output Index fell to 54.1 in December, down from 54.5 in November.

Despite an accelerated upturn in manufacturing output, the composite index signalled softer growth following a slower expansion in service sector business activity.