US economic output grows at fastest pace in nearly 3 years to end 2024
Source: S&P Global, via Yahoo! Finance
Yahoo Finance
US economic output grows at fastest pace in nearly 3 years to end 2024
Josh Schafer · Reporter
Mon, December 16, 2024 at 10:58 AM EST 3 min read
US economic output hit its highest level in nearly three years to close out 2024, according to the latest data from S&P Global. ... S&P Global's flash US composite PMI, which captures activity in both the services and manufacturing sectors, came in at 56.6 in December, up from 54.9 in August. Economists had expected the index to tick up to 55.1.
Increased activity in the services sector drove the gains, with the services PMI business activity index hitting a reading of 58.5, its highest level in 38 months. Meanwhile, the manufacturing PMI declined to 48.3 in December, down from 47.9 and marking a three-month low for the index.
Chris Williamson, chief business economist at S&P Global Market Intelligence, said the US economy grew at its fastest pace in nearly three years this month, "consistent with GDP rising at an annualized rate of just over 3% in December."
“Business is booming in the US services economy, where output is growing at the sharpest rate since the reopening of the economy from COVID lockdowns in 2021," Williamson said in the release.
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Read more: https://finance.yahoo.com/news/us-economic-output-grows-at-fastest-pace-in-nearly-3-years-to-end-2024-155848161.html
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