Markit PMI for January 2022
The Markit PMI index for January 2022:
- PMI index 55.5 vs 55.0 preliminary. Lowest since October 2020.
- Last month the index came in at 57.7
- US manufacturing sector final output index for January at 50.5 versus flash of 50.3, and final December at 53.8
- US manufacturing sector final input price index for January 80.0 versus flash 80.1, and final December 83.1
- Prices pressures eased at the start of the year, as the rate of cost inflation eased to the slowest since May 2021.
- Business confidence regarding the outlook for output over the coming year improved and reached a 14-month high in January.
- Firms expanded their workforce numbers at the slowest pace in the current 18-month sequence of job creation. Panellists often mentioned that growth of employment was hampered by challenges retaining staff and labor shortages
From the Markit:
- Output growth was muted. Demand conditions also softened further, with new orders rising at the slowest pace since September 2020. Muted client demand was reflected in only a fractional increase in employment. The softer rise in new orders allowed firms to partially work through backlogs of work, which expanded at the slowest pace for 11 months. Nonetheless, firms were at their most upbeat regarding the outlook for output since November 2020.
- inflationary pressures remained marked. The rate of cost inflation eased to the softest for eight months, however, as firms also moderated the pace at which selling prices increased.
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