November data pointed to another robust increase in U.S. private sector output, supported by resilient rates of expansion at both manufacturing and service sector companies. However, the latest survey also revealed a loss of momentum for new business growth, with order books improving at the slowest pace since December 2017. At the same time, private sector firms indicated greater caution in terms of staff hiring, with payroll numbers expanding at the weakest rate for almost one-and-a-half years. Adjusted for seasonal influences, the IHS Markit Flash U.S. Composite PMI Output Index registered 54.4 in November, down from 54.9 in October but still well above the 50.0 no-change threshold. The average reading so far in the final quarter of 2018 is broadly in line with that seen during the third quarter (54.8).
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