The US service sector saw a surge in growth last month, with the Institute for Supply Management’s services PMI reaching 54.1. This represents a two-point increase from November and is the highest since early 2023.
According to data released Tuesday, the index of prices paid for materials and services jumped over six points to 64.4, indicating broad-based price increases across sectors. The increased demand for goods and services drove this growth, suggesting stronger business activity in the US service sector.
Source: https://www.bloomberg.com/news/articles/2025-01-07/us-services-index-climbs-price-gauge-hits-highest-since-2023