The United States Purchasing Managers' Index (PMI) Composite Output Index, which calculates the joint results in services and manufacturing, reached 54.9 in November, missing expectations but advancing from October's 54.1, S&P Global revealed in its final report published on Wednesday.
Meanwhile, the Services PMI Business Activity Index went from the previous month's 55.0 to 56.1. The sector remained in the expansion territory for 22 consecutive months. The report mentioned new business as the driver of the monthly expansion.
"Improved service sector output offset a further decline in manufacturing during November, helping drive the overall pace of growth of business activity to the fastest for over two and a half years. The recent survey data are consistent with GDP growing at an annualized 2.6% rate in the fourth quarter, assuming a similarly robust expansion is seen in December," S&P Global Market Intelligence Chief Business Economist Chris Williamson commented.
