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  • U.S. private sector business activity growth decelerates slightly in November - IHS Markit's survey
Ekonomické zprávy
23.11.2021

U.S. private sector business activity growth decelerates slightly in November - IHS Markit's survey

Preliminary data released by IHS Markit on Friday revealed that U.S. private sector business activity continued to grow in early November, albeit at a slower pace than in October, as the rate of expansion of the service sector slowed.

According to the report, Markit flash services purchasing manager's index (PMI) fell to 57.0 in early November from 58.7 in the previous month. Economists had expected the reading to increase to 59.0. A reading above 50 signals an expansion in activity, while a reading below this level signals a contraction. The output in the service sector rose in November, being supported by greater travel and the further relaxing of the coronavirus restrictions. In addition, new business demonstrated solid growth, as firms acquired new clients and new projects, but the pace of increase slowed to the weakest since August 2020. Meanwhile, employment growth was constrained by challenges finding suitable candidates. On the price front, the rate of increase in input prices accelerated to a six-month high, while the rate of increase of output charges hit a fresh all-time high.

At the same time, the Markit flash manufacturing purchasing manager's index (PMI) came in at 59.1 early this month, raising from October’s ten-month low of 58.4. Economists had expected the reading to increase to 59.0. Despite persistent raw material delays and labour shortages, the rise in factory output fastened, supported by a sharper pace of growth of inflows of new orders. At the same time, employment in the manufacturing sector rose at the slowest pace so far this year due to challenges hiring suitable workers, and the accumulation of backlogs of work accelerated on the back of severe lengthening of input delivery times. On the price front, input costs burdens rose at a record pace in November, while selling prices increased at the second-steepest pace in over 14-and-a-half years.

Overall, IHS Markit Flash U.S. Composite PMI Output Index stood at 56.5 in November, down from 57.6 in October.

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