US: Markit Services PMI drops to 54.4 in October from 54.8 in November

"The seasonally adjusted IHS Markit Flash U.S. Services PMI Business Activity Index dropped from 54.8 in October to 54.4 in November," the IHS Markit reported on Friday.

Key highlights

• The latest reading nonetheless was well above the 50.0 no-change value and signalled a robust upturn in service sector activity.
• In contrast to the resilient trend seen for business activity, new work expanded at a much slower pace than in October. 
• The rate of job creation was the softest since June 2017.
• Latest data pointed to a moderation in cost pressures faced by service sector companies.