- 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.”
