12/3/2021, 3:45 PM (Source: TeleTrader)
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US services sector activity slows down in November

The United States services industry activity slowed down in November but still managed to beat market expectations, according to a report published by IHS Markit on Friday.

The Services Purchasing Managers Index (PMI) decreased by 0.7 percentage points when compared to the previous month to land at 58.0. Meanwhile, the Composite PMI also saw a loss of 0.4 percentage points month-over-month to come in at 57.2.

Chief Business Economist at IHS Markit Chris Williamson commented on the results: "While growth is not matching the surge seen earlier in the year when the economy reopened, the fourth quarter expansion should be well above the economy’s long-run trend to mark a solid end to the year. Growth is lopsided, however, being led by the service sector as manufacturing remains heavily constricted by supply shortages and, in some cases, labor supply issues."

Baha Breaking the News (BBN) / OL