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American Service Sector Slips in November

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Businessman sitting in thought over puzzle wrong business model, unprofitability and inefficiency.

The United States services sector recorded a decline in November, dragged by the impact of the detection of the COVID-19 Omicron variant on demand.

Source: IHS Markit

The IHS Markit US Services PMI Business Activity Index fell to 58.0 in November from 58.7 in October, but higher than the 57.0 the same month last year. Firms said concerns over a possible resurgence of COVID-19 cases hit new order growth.

Companies said customer demand was sustained during the month, but supply chain constraints and higher selling prices deterred customers from placing orders. New export orders returned to growth during the period.

Outlook for the coming year improved in the month, as firms were more confident and optimism grew to the strongest level since June. This was driven by hopes of higher client demand, supply chain stability, and the resolution of COVID-19 uncertainties.

The IHS Markit US Composite PMI Output Index fell to 57.2 from 57.6 in October.

 

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