US PMI drops to 56.5 in November, due to labor shortage

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The US General Purchasing Managers’ Index (PMI) preliminary figures released by IHS Markit on the 23rd were 56.5, down from 57.6 in October. The labor shortage and the shortage of raw materials were weighed down.

The index of 50 is a turning point for economic expansion and contraction.

Chris Williamson, Chief Business Economist at IHS Markit, said, “The US economy remains strong, but the decline emphasizes that the US economy is struggling to meet sustainable supply constraints. “.

The input price index rose sharply from 74.1 in October to 78.1. It was the highest since the survey started in 2009. These price increases have been passed on to consumers, and high inflation may continue for the foreseeable future.

The breakdown is that the service industry PMI was 57.0, down from 58.7 in October. Analyst estimates compiled by Reuters were 59. The service industry accounts for more than two-thirds of the US economy.

According to IHS Markit, unfinished work reported in the service industry is building up at the second fastest pace ever.

On the other hand, in the manufacturing industry, despite restrictions on supply, new orders have been received one after another, and manufacturing activities have recovered. Manufacturing PMI was 59.1, up from 58.4 in October. The market forecast was 59. Manufacturing accounts for 12% of the US economy.

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