According to the report from IHS Markit, in November, the services PMI rose to 55.9 points compared to 54.6 points in October. Economists had expected an increase to 56.6 points. Although the pace of expansion of activity in November was noticeably weaker than in the second and third quarters, they remained above the historical average.
The data also showed that the Composite Output Index - which tracks changes in activity in the manufacturing and services sectors - rose to 55.4 points in November from 54.2 points in October, which was mainly due to an improvement in the situation in the services sector.
IHS Markit reported that new orders rose again in November, but at the weakest pace since April. In addition, there was a slowdown in the growth of new export orders. As for the backlog of work, November saw the ninth monthly increase in a row, mainly due to growth in the manufacturing sector. Meanwhile, the number of employees increased in November both in the manufacturing sector and in the service sector. As for the inflationary situation, the growth rates of both purchasing and selling prices have reached record highs. Meanwhile, the level of business confidence dropped to its lowest level in 9 months.