- Prelim was 50.8
- Prior was 50.6
- Composite PMI 50.7 vs 50.7 prelim
- Prior composite PMI 50.7
- input cost inflation eased to the slowest in over three years (likely fuel)
- Output prices rose at a quicker pace, to the fastest since July
- New orders returned to growth
Aside from prices, this survey is in a nice spot for the soft-landing scenario.
The ISM services survey is due at the top of the hour.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said:
"The latest PMI data point to a further cooling of inflation pressures, but the surveys also signal only modest economic growth and near-stagnant employment, with the risk of the expansion losing further momentum as we head towards 2024.
"While service sector businesses continued to report further output gains in November, growth remains considerably weaker than seen earlier in the year, and forward-looking indicators point to growth slowing in the months ahead.
"Firms providing both goods and services have become increasingly concerned about excessive staffing levels in the face of weakened demand, resulting in the smallest overall jobs gain recorded by the survey since the early pandemic lockdowns of 2020.
"The cooling jobs market has been accompanied by lower wage growth which, combined with recent oil price falls, helped pull business cost growth down to its lowest for three years, dropping in November to a level indicative of inflation approaching the Fed's 2% target in the coming months."
