The stateside economy is still moving along at a brisk pace, but new information out Friday morning points to manufacturer optimism going a slight bit downhill.
The Markit Purchasing Managers' Index dipped to 55.4 in November from 55.7 in October, a three-month low. Meanwhile, IHS Markit’s services PMI fell to 54.4 from 54.8, its lowest in two months.
The data seems to reveal American industry’s breakneck pace of growth is slowing, as growth in new orders declined, according to an early read on November purchasing manager activity. Markit also says order books expanded at the slowest pace since last December. And hiring expanded at the slowest pace in nearly a year and a half. What’s more, inflation is picking up, helping dampen business confidence.
Still, in a survey like this one, any reading over 50 signals improvement.
Experts note, as IHS Markit pointed out in its Friday release, that the recent natural disasters — and recovery from them — may make economic data more wobbly this fall.
