US manufacturing PMI rises in November

By Ovunc Kutlu

ANKARA (AA) - Manufacturing Purchasing Managers Index (PMI) in the US increased in November from the previous month, according to London-based global data provider IHS Markit on Tuesday.

The index, which measures the activity level of purchasing managers in the manufacturing sector, rose 0.7 from the previous month to 59.1 in November, marking its highest level in two months.

While the market expectation for the index was to come at 59.0, it stood at 58.4 in October -- its lowest level in 10 months.

While a reading above 50 indicates expansion in the sector, a figure below 50 shows contraction.

"Production continued to be hampered by raw material delays and labor shortages, with vendor performance deteriorating substantially yet again," IHS Markit said in a statement.

Services PMI, on the other hand, declined 1.7 points from previous month to 57.0 in November -- its lowest level in two months.

While the market estimate for the index was to come at 59.0, it stood at 58.7 in October when it marked the fastest growth in three months.

"Inflationary pressures continued to soar midway through the fourth quarter, as the rate of increase in input prices quickened to a six-month high," the statement said.

Composite PMI came at 56.5 in November, its lowest level in two months. The index lost 1.1 point from 57.6 in October.