U.S. Private-Sector Growth Slows in November -- IHS Markit
November 24 2017 - 11:33AM
Dow Jones News
By Aisha Al-Muslim
The U.S. private sector grew at the slowest pace since July,
according to a report released Friday, as companies faced stronger
cost pressures from hurricane-related supply-chain disruptions.
The Flash U.S. Composite PMI Output Index, a survey from IHS
Markit that takes the temperature of the private sector, dropped to
54.6 in November from 55.2 in October. Results above 50 separate
expansion from contraction.
November showed the "second-fastest rise in manufacturing input
price inflation since December 2012," IHS Markit said in the
report. "A number of firms cited higher prices for chemicals and
energy following supply chain disruption linked to hurricanes
Harvey and Irma."
New business growth was above average compared with the first
half of the year, the report said, and employment in the private
sector also rose from a month earlier.
The Flash U.S. Manufacturing PMI Index dropped to 53.8 in
November, a decrease from 54.6 last month. Economists polled by The
Wall Street Journal were predicting 54.2.
The Flash U.S. Services PMI Business Activity Index was 54.7 in
November, a drop from 55.3 last month. Economists polled by The
Wall Street Journal were predicting 55.5.
"Although expectations about the year ahead slipped lower in the
service sector, future optimism hit a two-year high in
manufacturing, suggesting the goods-producing sector may start to
make a stronger contribution to the economy in coming months," IHS
Markit Chief Business Economist Chris Williamson said in prepared
remarks.
The final November reports will be released Dec. 1 for
manufacturing and Dec. 5 for services and composite indicators.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
November 24, 2017 11:18 ET (16:18 GMT)
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