“The seasonally adjusted final IHS Markit U.S. Services Business Activity Index registered 54.7 in November, broadly in line with a figure of 54.8 seen in October,” the IHS Markit reported on Thursday.
Key takeaways from the press release
- Growth momentum in business activity across the U.S. service sector was maintained in November, with firms registering a strong expansion in output.
- Foreign demand strengthened, leading to the fastest rise in new export business for six months.
- In line with a sustained upturn in new business, service providers indicated a further need to expand workforce numbers.
- On the price front, cost burdens faced by service sector firms rose at a strong rate.