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US service sector expansion picks up, but demand conditions remain historically subdued
The US service sector signalled a quicker expansion in activity at the end of 2023, albeit only marginal overall, according to the latest PMI® data from S&P Global. The faster upturn in output stemmed from stronger demand conditions as new orders rose at the sharpest rate since June. Firms were buoyed by the improvement in the sales environment, as business confidence and hiring activity was adjusted upwards in response. Service providers recorded a steeper rise in input costs, and one that was historically elevated, as higher wages and food prices drove inflation. Nonetheless, efforts to boost new sales led to a ... (full story)