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Final Service PMI Doesn’t Change The Dial Ahead of ISM

  • The S&P Global US service PMI was revised up 0.1pts to 46.2 in the final November print, leaving a decline from 47.8 in October.
  • It leaves the service PMI off recent lows of 43.7 from August with a significant gap to the ISM non-manufacturing survey which was 54.4 in Oct and is only seen falling to 53.3 in the upcoming November print.
  • Price components continued to soften in the service PMI, this from the press release: "Efforts to entice customer spending were reflected in the slowest rise in output charges since October 2020. Softer upticks in selling prices followed easing cost pressures, as input prices increased at the slowest rate in almost two years."

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