November figures signaled a further solid service sector performance across the US economy as business activity and new orders continued to expand at a strong pace.
- The seasonally adjusted final IHS Markit US Services PMI Business Activity posted 58.0 in November, slightly down from 58.7 in October.
- Even the pace of growth was strong than the series average of 54.8, and it was modest compared to rates seen through 2021.
- November figures indicated a substantial improvement in new business across the service sector, with the pace of increase holding close to October’s three-month high.
- Some companies indicated that the higher output was attributable to further recovery of client demand after the pandemic. Other companies are concerned about the resurgence of new COVID-19 cases.
The outlook for output over the coming year improved in November as service providers posted more upbeat expectations.
DXY up +0.28%, EUR USD down -0.26%Source: IHS Markit