The latest PMI showed the recovery in demand led services firms to increase hiring last month at the second fastest rate in six-and-a-half years, surpassed only in September. A new business sub-index that tracks overall demand jumped to 51.7 from 50.0 in December, the first sign of growth in three months. Despite the improvement in services activity, a composite PMI, which tracks both manufacturing and services businesses, fell to 52.5 from 53.0 in December. A sister survey on Thursday showed manufacturing growth slowed to a three-month low. But the latest PMI showed the recovery in demand led services firms to increase hiring last month at the second fastest rate in six-and-a-half years, surpassed only in September.

Source: Mint February 05, 2018 05:26 UTC