US DATA
The S&P Global US PMI shows a solid improvement in service sector sentiment, at its highest since Mar 2022, yet employment fell further and output price inflation cooled to softest since June 2020.
- Manufacturing PMI: 48.8 (cons 48.9) in Nov prelim after 48.5 in Oct.
- Services PMI: 57.0 (cons 55.0) in Nov prelim after 55.0 in Oct.
- Composite PMI: 55.3 (cons 54.3) after 54.1 in Oct.
- From the press release (in full here):
- “Flash US PMI® survey data signaled a marked upturn in growth of business activity in November to a 31-month high, with output buoyed by the sharpest rise in demand for two-and-a-half years and improved business confidence.
- Firms' expectations of output in the coming year rose to the highest since May 2022, attributed to the prospect of lower interest rates, improved economic growth, and more supportive business policies from the new administration in 2025.
- Employment fell for a fourth successive month, while output price inflation cooled to the lowest since prices began rising in June 2020, with prices charged for services showing an especially modest rise.
- Growth was again driven solely by the service sector, but rising optimism and renewed hiring in manufacturing hinted at the upturn becoming more broad-based in the coming months.”
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