PMI composite flash strengthens in November, ISM non-manufacturing comes in weaker than expected

November U.S. PMI Composite Flash: 56.3 vs. 55.5 consensus, 55.5 prior.

Services PMI: 56.9 vs. 56.0 consensus, 54.6 prior.

Business expectations show record jump to highest since 2018.

"The quicker rate of growth was largely linked to more robust demand conditions, despite a slower upturn in new export business."

"Encouragingly, future business optimism showed a record surge, pulling prospects for the year ahead up to the highest for more than two years," said IHS Markit Chief Business Economist Chris Williamson. "Hopes of a brighter outlook were pinned on a vaccine ending the COVID-19 pandemic over the coming year and additional stimulus supporting the economy in the meantime."

 ...meanwhile...

October ISM Non-Manufacturing Index: 56.6 vs. 57.5 consensus, 57.8 prior.

Business activity 61.2 vs. 62.0 consensus, 63.0 prior.

Employment 50.1 vs 51.8 prior.

New order 58.8 vs. 61.5 prior.

Prices 63.9 vs. 59.0 prior.