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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Euro-zone services PMI dropped more than expected in December
In the Euro-zone, the final services PMI recorded a drop to 53.10 in December, compared to a reading of 55.90 in the prior month. Markets were expecting the services PMI to drop to 53.30.
German services PMI declined less than anticipated in December
In Germany, the final services PMI dropped to 48.70 in December, compared to a level of 52.70 in the prior month. Markets were expecting the services PMI to drop to a level of 48.40
FOMC minutes: Fed ready to move away from its easy policy stance
The Fed, in its December monetary policy meeting minutes, revealed that policymakers discussed plans to move away from their current easy policy stance by raising interest rates sooner than expected and shrinking its $8.67 trillion balance sheet. Further, the minutes showed that almost all policymakers revised up their forecast for inflation this year and many raised their forecast for 2023. Meanwhile, the minutes indicated that several officials did not see the omicron variant of coronavirus as fundamentally altering the path of economic recovery.
US Markit services PMI fell less than expected in December
In the US, the final Markit services PMI eased to 57.60 in December, compared to a reading of 58.00 in the previous month. Markets were expecting the Markit services PMI to fall to 57.50.
US private sector employment rose in December
In the US, private sector employment climbed by 807.00K in December, compared to a revised increase of 505.00K jobs in the previous month. Markets were expecting private sector employment to rise by 400.00K jobs.
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