US inflation pressures soothing: S&P Global

Surveys also signal only modest economic growth, according to S&P economist

By Ovunc Kutlu

ISTANBUL (AA) – The US services sector in November signaled further growth, while inflation pressures are soothing, S&P Global said Tuesday in a report.

The S&P Global US Services PMI Business Activity Index came in at 50.8 in November, up slightly from 50.6 in October, according to the report.

"The latest PMI data point to a further cooling of inflation pressures," Chris Williamson, chief business economist at S&P Global Market Intelligence, said in the report.

Williamson noted, however, that surveys also signal only modest economic growth and near-stagnant employment.

"While service sector businesses continued to report further output gains in November, growth remains considerably weaker than seen earlier in the year, and forward-looking indicators point to growth slowing in the months ahead," he explained.

Lower demand conditions caused companies to rein in hiring activity during last month, while employment rose at its weakest pace since October 2022, according to the report.

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