FX.co ★ US Private Sector Activity Expands at Faster Pace

In November 2025, the S&P Global US Composite PMI increased to 54.8, slightly up from 54.6 in October, surpassing market predictions of 54.5, as per preliminary estimates. This figure represents the highest point since July, indicating a growth acceleration in the fourth quarter. There was notable expansion in the services sector, the fastest since July, while manufacturing output remained robust. New orders rose at a pace not seen since last December, marking the second-fastest increase since April 2022, despite a slowdown in job creation, reaching one of its lowest levels over the past year. Inventories of finished goods hit a survey record, spanning over 18 years, although the volume of inputs purchased declined for the first time since April. Supplier delivery times extended for the third consecutive month, a situation partly exacerbated by tariffs. Input costs surged at one of the fastest rates seen in three years, prompting a renewed increase in selling price inflation, primarily driven by tariff-related pressures.