US Markit Composite PMI flash Jan: 58.0 (prev 55.3)

 US Markit Manufacturing PMI Jan P: 59.1 (est 56.5; prev 57.1)
- Services PMI: 57.5 (est 53.4; prev 54.8)
- Composite PMI: 58.0 (prev 55.3)


Markit January flash PMI's come in strong driven by solid increases in output in both surveys. Rates of expansion accelerated from Dec with mfg showing the sharpest upturn in its survey since March 2015 and largest acceleration in output since Aug 2014, while services output increased the most since Sept 2014. Services new orders and employment did moderate as Covid cases ramped up but remained solidly in expansionary territory. Mfg empl ticked up to best level in two years. Export orders and input prices increased solidly in both surveys with the latter increasing the most on record for services and since July 2008 for mfg. Services outlook improved while mfg took a step back (but still strong).

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