The US private sector saw its activity growth accelerate in January, according to S&P Global, whose composite PMI flash estimate came in at 52.3, a seven-month high, after 50.9 for the previous month.

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

'Expansion was supported by service providers, while manufacturers continued to observe a fall in production against a backdrop of intensifying supply problems', says S&P Global.

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