The seasonally adjusted Markit Flash U.S. Services PMI™ Business Activity Index 1–which is based on approximately 85% of usual monthly replies–registered 56.3 in November, down from 57.1 in the previous month and the lowest reading since April. Moreover, the index has now pointed to softer growth of business activity in each of the past five months, to signal a sustained loss of momentum since the post-crisis peak seen in June. Weaker service sector output growth largely reflected a moderation in new business gains during November. The latest rise in incoming new work was the slowest for seven months and slightly ... (full story)