In its latest report, IHS Markit's Purchasing Managers Index (PMI) offers a picture of the U.S. economy's current state. Led by manufacturing, U.S. business activity expanded at the fastest rate in more than five years.
Below are some of the significant insights from the report.
Index Reading
Markit's composite PMI index - a blend of the manufacturing and services readings - increased to 57.9 from 56.3 in October. A reading above 50 indicates expansion.
IHS Markit Composite PMI and U.S. GDP
New Orders
Manufacturers noted a rise in new orders driven by domestic demand. The rate of growth was the fastest since June 2018.
Production
Manufacturers registered an expansion in production, resulting from new business as demand conditions improved. The rise in production was the fastest since March 2015.
"Business activity across both manufacturing and services rose in November at the strongest rate since March 2015." Said Chris Williamson, Chief Business Economist at IHS Markit, "The upturn reflected a further strengthening of demand, which in turn encouraged firms to take on staff at a rate not previously seen since the survey began in 2009."
