December Markit services PMI

  • Initial reading was 53.4

  • Prior was 54.7

  • Composite 54.4 vs 53.6 prior

  • New business 54.3 vs 53.5 initially

  • Employment 53.6 vs 53.3 initially

That's a nice pickup from the preliminary data and underscores the strong jobs data.

It's starting to look like the trade war pain is limited to the manufacturing industry, which makes sense.