US economic output grows at fastest pace in nearly 3 years to end 2024

Published On Dec 16, 2024, 10:58 AM

US economic output has increased at its fastest rate in nearly three years, primarily driven by growth in the services sector. According to S&P Global, the composite PMI rose to 56.6 in December, with a notable services PMI reading of 58.5, while the manufacturing sector has shown some weakness. The overall economic growth suggests a potential annual GDP growth of over 3% in December, with current economic sentiment at its highest in over two years. Analysts expect continued positive economic momentum into 2025, favoring the stock market.