Jeffry Bartash of MarketWatch tells his readers that recent S&P surveys ‘send a clear and welcome message of resilient economic growth and sharply waning inflation’. Bartash writes:
The U.S. economy got off to a good start as growth sped up in January a pair of S&P business surveys showed, indicating a recession still appears far off.
The S&P flash U.S. services PMI climbed to a seven-month high of 52.9 in January from 51.4 in the prior month, S&P said Wednesday.
The flash U.S. manufacturing PMI, meanwhile, jumped to a 15-month high of 50.3 this month from 48.2 in December. It’s the first time the index has been positive in more than a year. Numbers above 50 signal growth in the economy.
The surveys are the first indicators to give a sense of how the U.S. economy is doing in the new year.
The verdict: Growth is steady as she goes. […]
The stock market has rallied to new all-time highs in the expectation of in interest rate cuts and a prolonged economic expansion.
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