The US private sector saw a very slight acceleration in activity growth in December, according to S&P Global, whose composite PMI index finally came in at 50.9, compared with a flash estimate of 51 and 50.7 for the previous month.

For the record, it is the 50 threshold that separates expansion and contraction in a sector's activity for the PMI indices: the higher the index is above this threshold, the faster the pace of expansion.

'Output growth was driven by a further increase in activity in the services sector, while manufacturers reported a renewed decline in production', says S&P Global.

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