Adjusted for seasonal influences, the Markit Flash U.S. Services PMI Business Activity Index1 registered 54.7 in November. This was down only fractionally from 54.8 in October and the secondstrongest seen over the past 12 months. As a result, the average reading so far in Q4 points to the fastest upturn in business activity since the final quarter of 2015.
Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit said: “The November PMI surveys provide the first snapshot of US business conditions in the wake of the surprise election result, and show a reassuring picture of sustained solid economic expansion and hiring. “With businesses in the vast service sector also showing improved confidence about the year ahead as election uncertainty cleared, the surveys give a clear green light for the Fed to hike interest rates in December”.
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