US services PMI revised up in January

ANKARA

The US services Purchasing Managers Index (PMI) in January was revised up, London-based global data provider IHS Markit said Thursday.

The index, which measures the activity level of purchasing managers in the services sector, was revised up to a final reading of 51.2, from a flash estimate of 50.9 that was announced earlier.

Despite the revision, the index was significantly lower from 57.6 recorded in December.

A reading above 50 indicates expansion and below 50 shows contraction.

"The rise in output was the slowest in the current sequence of growth which began in August 2020," IHS Markit said in a report.

"The upturn in business activity was muted in the context of marked expansions seen throughout 2021, as the spread of the Omicron variant of COVID-19 hampered business operations and demand conditions weakened," it added.