- US ISM services PMI rises modestly in November.
- The dollar index gains ground after the data and rises to the 105.00 area.
Business activity in the US service sector continued to expand at a brisk pace in November, with the ISM Services PMI rising to 56.5 in November from October 54.4. This data exceeded market expectations, which placed it at 53.1.
The survey’s inflation component, the prices paid index, dipped to 70 from 70.7, versus analysts’ estimate of 73.6. The employment index rose to 51.1 from 49.1 and the new orders index dipped to 56 from 56.5.
Anthony Nieves, chair of the Institute for Supply Management Services Business Survey Committee, commented that “based on feedback from Business Survey Committee respondents, increased capacity and reduced lead times have led to continuous improvement in supply chain and logistics performance“, and that “a new fiscal period and the holiday season have contributed to increased business activity and increased employment“.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
