November U.S. PMI Composite Index (Final): 57.2 vs. 56.5 consensus and 57.6 prior.
The upturn in new business was solid midway through Q4 amid a strong expansion in services new orders; foreign client demand signaled a renewed rise.
The rate of growth in backlogs of work softened, but it was the third-steepest on record.
Service Index: 58 vs. 57 consensus, 58.7 prior.
Although the pace of expansion was stronger than the series average of 54.8, it was subdued in comparison to rates seen through 2021 so far.
November data indicated a strong rise in new business across the service sector, with the rate of increase holding close to October's 3-month high though remaining below the strong gains seen earlier in the year.
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