(IHS Markit) US business activity expansion slowed down moderately in November amid widespread labor shortages and raw materials delays.
IHS Markit reported its flash US Composite PMI Output Index dropped to a reading of 56.5 in mid-November from 57.6 in October.
The pace of growth remains above the survey’s long-term pandemic average and is in line with an economy that is rebounding after a temporary stall in the summer.
The services sector accounted for the recovery in activity, with IHS Market signaling “some resistance to higher prices.”
Even though many companies reported business had improved due to increased travel, the rate of growth slowed compared to previous months.
The survey’s measure of prices paid by businesses for inputs rose to 78.1. These prices are being shifted to the consumers, signaling that inflation could remain high for a longer time.
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