The United States PMI Composite Output Index, which takes both the services and the manufacturing business activity into account, came in at 55.3 in November, hitting a 31-month high and improving from 54.1 recorded a month prior, S&P Global revealed in its preliminary report on Friday.
The US Services Business Activity Index rose from 55 in October to 57 in November. Meanwhile, the manufacturing PMI increased by 0.3 index points, to land at 48.8, reaching its highest point in four months.
"The business mood has brightened in November, with confidence about the year ahead hitting a two-and-a-half year high. 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," Chief Business Economist at S&P Global Market Intelligence Chris Williamson commented.
