On Monday, IHS Markit’s survey data for US service sectors and manufacturing activity PMI (Purchasing Managers’ Index) had orchaestrated a rosy outlook for an ailing US economy, counterweighting analysts’ frets of a sheer sluggishness in US labour market alongside consumer spending amid a raft of renewed restriction measures ahead of the Christmas holidays.
In Point of fact, earlier in the US trading hour on Monday, IHS Markit’s survey data for US manufacturing and service sectors PMI (Purchasing Managers’ Index) had revealed that the US business activities had been picked up by the fastest pace in more than five years this month, largely led by the fastest expansion in US Manufacturing PMI since the September of 2014.
Notably, although a rebound in US business activity was expected following a record rise in US capital goods’ orders last month, yet an upsurge of such magnitude even had topped the highest expectations of Wall St.
US business activity soars in November amid vaccine hopes, Biden victory
On top of that, while Monday’s IHS Markit’s reading had been the first major US economic data following a convincing triumph of President-elect Joe Biden, Markit’s survey for US Manufacturing PMI jumped to 56.7 from an October reading of 53.4, beating an analysts’ estimate of 53, while Markit’s service sector PMI climbed to 57.7 from a figure of 56.9 a month earlier, surpassing Wall St.
estimates of 55.0 on an average and marking up the Index’s highest level since the April of 2015. Markit’s Composite Index in tandem had registered a rise to 57.9 in November from a prior 56.3 recorded last month, remarking the index’s highest level since April 2015.
Meanwhile, referring to an unprecedented upsurge in demand outlook, IHS Markit Chief Business Economist Chris Williamson said in a statement late on the day, “The upturn reflected a further strengthening of demand, which in turn encouraged firms to take on staff at a rate not previously seen since the survey began in 2009. ”