New York, Nov 23 . The S&P Global Flash US Composite PMI, which measures activity in the manufacturing and services sectors, rose to 55.3 in November, up from 54.1 in October, according to surveys released on Friday. This marks the fastest expansion in activity in over two and a half years, continuing an upward trend.
The Wall Street Journal reported that U.S. economic activity showed strong growth this month, fueled by a surge in business confidence following Donald Trump’s election to the presidency.
Demand saw a significant increase during the month, with businesses expressing optimism about future output, driven by falling interest rates and expectations of business-friendly policies from the Trump administration, which will take office in January, Xinhua news agency reported.
While the services sector remained the primary driver of growth, the manufacturing sector contracted at its slowest pace in four months, hinting at a potential recovery. Manufacturing sentiment also reached its most positive level in more than two and a half years, according to the surveys.
