December data highlighted a renewed slowdown in output growth across the U.S. service economy. The seasonally adjusted Markit Flash U.S. Services PMI™ Business Activity Index1 – which is based on approximately 85% of usual monthly replies – registered 53.7 in December, down from 56.1 and the lowest reading for 12 months. Although comfortably above the 50.0 threshold that separates expansion from contraction, the headline index signalled a softer rate of growth than seen on average since the survey began in late-2009 (55.8). Reports from survey respondents suggested that improving domestic economic conditions remained ... (full story)