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12/4, 3:46 PM (Source: TeleTrader)
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US service sector strengthens in November

The services sector in the United States recorded a marginal improvement in November, according to the latest IHS Markit report on Wednesday. The US Services Business Activity Index stood at 51.6 in November, up from October's figure of 50.6. The increase in output was propped up by a renewed upturn in new orders, the report noted. However, foreign demand remained lukewarm, while new business from abroad continued to fall.

Meanwhile, composite PMI registered 52.0 in November, up from 50.9 in October, growing at the fastest rate in four months. New business received by manufacturers and service providers increased at a faster pace midway through the second quarter, while goods producers observed the sharpest expansion since January.

"The improvement is coming from a low base, however, and even at these higher levels the survey is merely indicative of annualized GDP growth in the region of 1.5%, IHS Markit's Chief Business Economist Chris Williamson said commenting on the latest report, adding that weakened business activity and jobs growth in 2019 have led to "widespread caution with respect to pushing up selling prices" vis-a-vis an uncertain outlook.

Breaking the News / GG