Composite PMI Rises To 55.3, Beating Analyst Expectations

On November 22, 2024, S&P Global released flash PMI reports for November. The reports indicated that Manufacturing PMI increased from 48.5 in October to 48.8 in November, in line with analyst consensus. Numbers below 50 show contraction.

The Manufacturing PMI report showed that production fell at an increased rate but other PMI components moved higher, providing support to the index.

Services PMI improved from 55.0 in October to 57.0 in November, compared to analyst forecast of 55.2. The services sector remains in a great shape.

Composite PMI increased from 54.1 to 55.3, while analysts expected that it would grow to 54.3. The strong performance of the services sector boosted the Composite PMI .

S&P Global commented: “The prospect of lower interest rates and a more pro-business approach from the incoming administration has fueled greater optimism, in turn helping drive output and order book inflows higher in November.”

U.S. Dollar Index moved above the 107.60 level as traders reacted to the better-than-expected Composite PMI report. The U.S. economy stays strong, which is bullish for the American currency.

Gold continued its attempts to settle above the $2700 level. Demand for gold is driven by rising geopolitical tensions, and it remains to be seen whether PMI reports will have a material impact on gold market dynamics.

SP500 moved above the 5970 level as traders focused on strong PMI reports. From a big picture point of view, stock traders stay bullish.

For a look at all of today’s economic events, check out our economic calendar.