U.S. business activity expanded in January by the most in seven months, led by stronger orders growth that left service providers and manufacturers more confident about the demand outlook.

The S&P Global flash composite output index advanced to 52.3, fueled mainly by stronger services activity. Readings greater than 50 indicate expansion.

And the group's measure of expected output in the coming year climbed to the highest since May 2022, boosted by firmer domestic demand. "Confidence has also been buoyed by hopes of lower inflation in 2024, easing the cost-of-living squeeze and facilitating the path to lower interest rates," Chris Williamson, chief business economist at S&P Global Market Intelligence, said in a statement.

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