S&P Global: US sectors show strong growth in Nov, financials best-performing

November data from S&P Global’s US Sector PMI® survey reveals a positive performance across most sectors of the economy, with six out of seven sectors reporting growth. According to the latest survey on Wednesday, the financials sector emerged as the standout performer, marking the strongest business activity expansion in nearly three years.

The financials sector posted a PMI® index of 60.1, up from 58.8 in October, indicating robust growth at the fastest pace since early 2021. Technology also demonstrated strong performance, with business activity expanding at its quickest rate since May 2023. Meanwhile, consumer services saw its strongest output increase in five months, signaling a healthy recovery.

Despite these positive trends, the survey revealed slower momentum in the healthcare sector, which experienced its weakest growth since the expansion phase began in June. The consumer goods sector showed only marginal growth, and the basic materials sector was the only one to register a decline, with its index falling sharply to 40.8, the steepest contraction in over four years.

Overall, the November data underscores a positive outlook for the US economy, driven primarily by strength in the financials and technology sectors, although challenges persist in certain areas like basic materials and healthcare.

Attribution: S&P Global