US ISM Services PMI rose from 54.4 to 56.5 in November, above expectation of 53.5. Looking at some details, business activity/production surged sharply from 55.7 to 64.7. New orders dropped slightly form 56.5 to 56.0. Employment rose from 49.1 to 51.5. Prices dropped from 70.7 to 70.0.
ISM said: “The past relationship between the Services PMI and the overall economy indicates that the Services PMI for November (56.5 percent) corresponds to a 2.3-percent increase in real gross domestic product (GDP) on an annualized basis.”
