US business activity growth ticked higher in January, according to early ‘flash’ PMI data, albeit remaining subdued compared to the typical rate of expansion seen in the second half of 2025. Manufacturing growth accelerated to outpace that of services, but the January survey brought further signs that underlying order book growth has softened in both sectors recently, led by falling exports. Job numbers consequently remained little changed in January. Confidence in the year ahead outlook meanwhile remained positive but dipped slightly lower, as hopes for sustained economic growth and favorable demand conditions were ... (full story)