Markit services PMI rises more than expected

Markit Economics’ services purchasing manager’s index (PMI) came in at 53.9 for December, topping economists’ forecasts.

A preliminary survey had put the index at 53.4 for December. A PMI reading above 50 shows that the sector is still in expansion.

Markit reported a “robust rise” in service sector payrolls.

“Although losing a little momentum in December, the pace of business activity growth in the services and manufacturing sectors combined remained one of the strongest seen over the past year,” said Chris Williamson, the chief business economist at IHS Markit.

The services sector accounts for most job creation in the US and makes up about two-thirds of all economic output.

At 10 a.m. ET, the Institute of Supply Management will release its non-manufacturing composite index, which is forecast at 56.8, down from 57.2 in November.

More to come …

NOW WATCH: How much money you need to save each day to become a millionaire by age 65

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.