ISM's non-manufacturing PMI hits another fresh record high in November
By Iain Gilbert
Date: Friday 03 Dec 2021
(Sharecast News) - The Institute of Supply Management non-manufacturing purchasing managers' index came in at percent 69.1 in November, up from 66.7 a month earlier to a fresh record high.
According to the report, economic activity in the services sector grew in November for an 18th month in a row, with the Services PMI setting its fifth time record for 2021. Previous records were set in March, May and July.
Two of the four equally weighted subindexes that directly factor into the composite index set or tied all-time highs, with the business activity index reaching 74.6, an increase of 4.8 percentage points, and the new orders index came to 69.7. The other two subindexes of employment and supplier deliveries also both contributed positively to the Services PMI.
The ISM also noted that demand continued to be strong, reflected by two other subindexes in November, with the backlog of orders index printing at 65.9, 1.4 percentage points lower than October's all-time high reading of 67.3, and the Prices Index reaching its third-highest reading ever at 82.3, down 0.6 percentage point from the October figure of 82.9 percent.
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