Markit's US services PMI ticks lower in November

Growth in the US services sector slowed in November, according to figures released on Monday.

Markit’s final services business activity index came in at 54.6 in November, down a touch from October’s 54.8, but still above the 50.0 mark that separates contraction from expansion.

The final composite purchasing managers’ output index was unchanged from October’s 11-month high at 54.9.

Chris Williamson chief business economist at IHS Markit, said: “The US economy is seeing robust growth, with the business surveys pointing to encouragingly solid rates of expansion in both manufacturing and services.

“Looked at together, the two PMI surveys point to the pace of economic growth holding steady on October’s 11-month high, indicating that GDP is set to rise by 0.6% (2.5% annualised) in the fourth quarter. Both sectors are benefitting primarily from stronger domestic demand."