PMI: Highlights point to

Some price pressures eased but remained at high levels. Goods output declined more than in October while services continued their steady decline. New business order were disappointing for both manufacturing and services. Overall, this data isn't as bad as feared - but there's not a lot to be optimistic about in here.

• "Firms reported the weakest rise in input costs since May 2021. The slowdown was led by the manufacturing sector, where the rate of input price inflation fell sharply to a 23-month low. The rate of increase in service sector costs remained among the quickest on record, partly due to rising wages, although it too fell from the previous month, down to the lowest since August."
• "The rate of output price inflation ticked down and was the second slowest in the past nine months, although it was still quicker than at any time in the series history prior to this."
• "The rate of decline in goods production was notably weaker than in October, however, amid reports of improved material availability. Indeed, goods producers reported an outright improvement in lead times on inputs for the first time since July 2020. The decline in services activity was meanwhile little-changed from that recorded in the previous survey period."
• "Inflows of new business fell at a sharp rate that was only slightly slower than October’s near two-and-a-half year record. Of the monitored sectors, manufacturers once again reported the steeper decline in new orders, albeit one that was less marked than that seen in October. By contrast, the fall in service sector new business continued to gather pace, reaching the fastest since May 2020."