US composite PMI shows robust expansion for November
By Josh White
Date: Friday 22 Nov 2024
(Sharecast News) - The US economy showed signs of robust expansion in November, with S&P Global's composite purchasing managers' index (PMI) reaching a 31-month high of 55.3, up from October's 54.1.
The rise was driven by a significant uptick in the services sector, where activity jumped to 57.0 from 55.0, marking its highest level in nearly three years.
The manufacturing sector also showed modest improvement, with the PMI inching up to 48.8 from 48.5, though it remained in contraction territory.
The data suggested accelerating economic growth in the fourth quarter, underpinned by strong private sector performance.
At the same time, inflationary pressures appeared to be easing, with price increases across goods and services showing only marginal growth.
Business sentiment for the coming year was meanwhile at its most optimistic since May 2022, fueled by expectations of lower interest rates, improved economic conditions, and a pro-business environment.
"The business mood has brightened in November, with confidence about the year ahead hitting a two-and-a-half year high," said Chris Williamson at S&P Global Market Intelligence.
"The prospect of lower interest rates and a more pro-business approach from the incoming administration has fueled greater optimism, in turn helping drive output and order book inflows higher in November."
Reporting by Josh White for Sharecast.com.
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