- The US S&P Global Services PMI fell more than expected in early November.
- The US dollar is having a hard time finding demand after disappointing PMI surveys.
Business activity in the US service sector continued to contract at an accelerated pace in early November, with the S&P Global services PMI falling to 46.1 points from 47.8 in October. This data did not meet market expectations, which placed it at 47.9.
“In line with weak demand, new hires fell at a solid pace in November“, explained S&P Global, “and the second consecutive monthly decline in new orders was the steepest since May 2020.”
“On the price front, input costs increased at a slower pace in the middle of the fourth quarter“, the publication also reads. “The rise in cost burdens was the smoothest in nearly two yearsas companies noted lower prices for some key inputs.”
Source: Fx Street
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