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Charts & Analysis

January PMI Continues Expansion; Services Jump

The HSBC Markit Purchasing Managers Index (PMI) was at 56.3 in Jan 2013, indicating continuing expansion. The Index is based on both Manufacturing and Services inputs. The Manufacturing part the index expanded slower at 53.2 (from 54.7 in Dec), while the services part accelerated faster at 57.5 (from 55.6 in Dec).

 

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According to the release:

  • New (service) orders growth in the private sector at 11 month high 
  • Business activity in the service sector expands at fastest rate in 12 months
  • Private sector employment increases for eleventh month running

I wonder why I’m seeing things totally opposite. Recruitment’s down, orders are running lower. But I don’t have a formal survey.