US business activity expands rapidly in November: HIS Markit

US business activity was seen growing at its fastest rate in over five years in November. The upbeat reading is an indication the US economy is clawing back from a COVID-19-driven recession.

IHS Markit’s manufacturing and services sector purchasing managers’ indexes propelled, lambasting predictions of leveling off amid virus resurgence. The manufacturing index increased to 56.7 from a low 53.4 last month, topping Reuters economists’ poll of 53. Readings beyond the 50 mark indicate growth.

Meanwhile, the services index reached 57.7, recording its highest outing since April 2015 and far from a 56.9 reading in October. The Reuter’s poll was at 55.0.

Markit’s composite index (a combination of manufacturing and services sectors) rose to 57.9 from 56.3 last month. It also emerged as the highest rating since April 2015.

The U.S. job market was also seen making progress as the subindex for employment posted a record pace as well.

Markit’s readings, however, remain to be at odds against other recent readings on the U.S. economy including October retail sales reported from the Commerce Department showing the weakest expansion in six months.