S&P Global announced the US manufacturing, services and composite PMI preliminary data for November.
Accordingly, manufacturing PMI decreased by 0.6 points to 49.4 in November compared to last month.
In this period, the index, which signaled the contraction in the manufacturing sector by falling to its lowest level in 3 months, was expected to be 49.8.
The index, which was below market expectations, was recorded as 50 in October.
Service sector data above expectations
Service sector PMI in the US increased by 0.2 points to 50.8 in November compared to the previous month.
The index, which exceeded market expectations and reached the highest level in 4 months, was estimated to be 50.4.
The index, which shows that the expansion in the service sector continues, was 50.6 in October.
The composite PMI, which includes manufacturing and services sectors, also remained unchanged on a monthly basis in November and came in at 50.7.
Businesses reduced employment for the first time in nearly 3.5 years
Sian Jones, Chief Economist at S&P Global Market Intelligence, stated that the private sector in the US continued to remain in the "expansion zone" in November.
Pointing out that demand conditions have improved, largely driven by the service sector, Jones said that consumers continue to be concerned about global economic uncertainty, stagnant demand and high interest rates.
Jones stated that businesses in the country reduced employment for the first time in almost 3.5 years in line with concerns about the general outlook, and that employment loss went beyond the manufacturing sector.
Stating that input price inflation has softened as a positive development, Jones noted that the impact of oil price increases in the manufacturing sector, where cost inflation has slowed significantly, seems to be diminishing.
A PMI reading of 50 and above indicates expansion in the sector, while a reading below 50 indicates contraction.