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

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“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.