US business activity picks up as manufacturing gauge hits record high, IHS Markit says
- IHS Markit's gauge of US business activity rose to a two-month high of 58 in January from 55.3.
- The firm's index for the
manufacturingindex hit a record high of 59.1 amid strong improvements in output and new orders.
- The services sector also improved but remained pressured by COVID-19 lockdowns and rising input costs.
A key gauge of US business activity swung higher this month as strong demand lifted manufacturers and service businesses alike.
IHS Markit's composite output index climbed to 58 from 55.3 in an early January reading, hitting its highest level in two months. The firm's index of service-industry business activity improved to 57.5 from 54.8, while its purchasing managers' index for manufacturers leaped to a record high of 59.1 from 57.1.Readings above 50 signal growth and those below the threshold indicate contraction. IHS's composite PMI plummeted below 30 at the start of the pandemic but has remained at elevated levels for months as stimulus and steady reopenings lifted activity.
Read more: A portfolio manager who has invested in SPACs since 2007 recounts their evolution from 'financial backwater' then to 'feeding frenzy' today - and shares how to identify attractive ones, including 3 on his radar
- TTD approves Rs 2,938-crore budget for 2021-22
- Wholesale growth expected to continue for tractors, passenger vehicles and two-wheelers, says equity research firm Emkay
- Centre finalises One District One Focus Product to promote in cluster approach
- A Mumbai-based EV startup launched the cheapest electric car with a 200 km range
- HP's worldwide shipments grow 5.6% in fourth quarter of 2020, says IDC