United States: Composite PMI stable in November
The S&P Global Flash Composite Purchasing Managers’ Index (PMI) came in at 50.7 in November, matching October’s reading. As such, the index remained above the 50.0 no-change threshold, signaling a continued improvement in private sector operating conditions from the previous month.
Meanwhile, the Manufacturing PMI clocked in at 49.4 in November, down from October’s 50.0. Lastly, the Services PMI rose to 50.8 in November (October: 50.6).
Across the private sector as a whole, total new orders returned to growth, though private-sector employment fell for the first time in over three years. Meanwhile, cost pressures and business sentiment eased.
Siân Jones, principal economist at S&P Global Market Intelligence said:
“Demand conditions – largely driven by the service sector – improved as new orders returned to growth for the first time in four months. The upturn was historically subdued, however, amid challenges securing orders as customers remained concerned about global economic uncertainty, muted demand and high interest rates.”