US economic activity hits March 2015 highs, IHS Markit says

The fourth wave of Covid-19 infections in the US failed to dent the economic rebound in the US, the results of two closely-followed surveys revealed.

IHS Markit's so-called 'composite' output Purchasing Managers' Index, which tracks output levels in both manufacturing and services together, improved from October's print of 56.3 to reach 57.9 for November.

According to the survey compiler, the rise in the composite PMI signalled the fastest pace of growth since March 2015.

Meanwhile, hiring picked up at its fastest pace since 2009 and optimism for the year ahead was at its strongest level for more than six years.

A separate PMI covering overall activity in just the services side of the economy meanwhile improved from a reading of 56.9 to 57.7 (consensus: 52.8) - hitting a 74-month high in the process.

Another covering factories increased from 53.4 to 56.7 (consensus: 52.5).

"Firms are scrambling for inputs and workers to meet the recent growth of demand, and to meet rising future workloads," said IHS Markit chief business economist, Chris Williamson.

"Expectations about the year ahead have surged to the most optimistic for over six years, reflecting the combination of a post-election lift to confidence and encouraging news that vaccines may allow a return to more normal business conditions in the not too distant future."