US: Markit Services PMI comes in at 54.7 in November (final) vs 54.4 expected

“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.