美国11月Markit综合PMI创四个月最快，服务业增长加快，制造业增长放缓

Core Insights - The US business activity expanded at the fastest pace in four months in November, with a notable improvement in optimism regarding the economic outlook, although manufacturing growth slowed [1][6]. Summary by Categories Manufacturing Sector - The US November Markit Manufacturing PMI was 51.9, below expectations of 52 and down from 52.5 in October [7]. - There was a decrease in new orders and a record increase in finished goods inventory, raising concerns about potential future production slowdowns if demand does not rebound [11]. Services Sector - The US November Markit Services PMI was 55, exceeding expectations of 54.6 and up from 54.8 in October [7]. - The composite new orders index reached its highest level of the year, driven by a rebound in service sector activity [3]. Composite Indicators - The US November Composite PMI was 54.8, marking the second consecutive month of increase, surpassing expectations of 54.6 [7]. - Future output expectations jumped by 7.3 points, the largest single-month increase in five years, indicating heightened business confidence [4][9]. Inflation and Costs - Inflationary pressures accelerated for the first time since July, with the composite materials prices index rising to 63.1, the second highest in three years [4]. - Input cost indices for services reached their highest levels since early 2023, and service firms reported increased pricing indicators [4]. Employment Trends - Employment growth showed a slight slowdown, influenced by cost concerns related to tariffs, despite overall job increases in November [11]. - Companies reported a reduction in the procurement of inputs for the first time since April, indicating cautious spending in the manufacturing sector [5]. Economic Outlook - The annualized GDP growth for the fourth quarter is estimated to be around 2.5%, reflecting a relatively strong economic performance [6]. - Expectations for further interest rate cuts and the resolution of government shutdowns have contributed to improved optimism and a broader economic recovery trend [10].