November data signalled a further solid service sector performance across the US, according to the latest PMITM data, as business activity and new orders continued to rise at strong paces. Although output continued to rise at a pace well above the survey’s long-run average, supply and labor issues hampered activity to result in a modest easing in the rate of expansion. Despite employment rising at the fastest pace since June, firms continued to struggle to work through backlogs of work, which rose at the second-fastest pace on record. Meanwhile, cost burdens surged higher. The rate of input price inflation ... (full story)