- Prior was 54.8
- Manufacturing 51.9 vs 52.0 exp
- Prior manufacturing 52.5
- Composite PMI 54.8 vs 54.5 prior
- Prior composite 54.6
Chris Williamson, Chief Business Economist at S&P
Global Market Intelligence:
“The flash PMI data point to a relatively buoyant US
economy in November, signalling annualised GDP growth
of about 2.5% so far in the fourth quarter. The upturn also
looks encouragingly broad-based for now, with output
rising across both manufacturing and the vast services
economy.
“A marked uplift in business confidence about prospects
in the year ahead adds to the good news. Hopes
for further interest rate cuts and the ending of the
government shutdown have boosted optimism alongside
a broader undercurrent of improved economic optimism
and reduced concerns over the political environment.
“However, manufacturers reported a worrying
combination of slower new orders growth and a record
rise in finished goods stock. This accumulation of unsold
inventory hints at slower factory production expansion in
the coming months unless demand revives, which could
in turn feed through to lower growth in many service
industries.
“Furthermore, although jobs continued to be created in
November, the rate of hiring continues to be constrained
by worries over costs, in turn linked to tariffs. Both
input costs and selling prices rose at increased rates
in November, which will be of concern to the inflation
hawks.”
This article was written by Adam Button at investinglive.com.
