U.S. recorded a Composite PMI Output Index of 58.6 in November, up from 56.3 in October, the sharpest rate of growth since March 2015, according to IHS Markit press release. Services PMI Business Activity Index was 58.4, up from 56.9 in October.
- Business expectations strengthened to the highest level since January 2014, boosted by faster expansion and hopes of a vaccine.
- Growth of business activity was linked to new order inflows and the release of pent-up demand, as clients became less hesitant to make purchases.
- Service providers and goods producers had the quickest expansions of new business since April and May 2018, respectively.
- Private sector employment rose at the fastest pace since October 2009, amid greater pressure on service sector capacity.
- Companies registered the steepest rises in input prices and output charges since October 2009
- New export orders increased at a marginal pace, the slowest since July due to COVID-19 related travel restrictions.
U.S. stocks are currently gaining as the dollar loses. SPY is up 0.19%, QQQ: NASDAQ is up 0.57%, EURUSD is up 0.46%
