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U.S. Business Activity Grows Amid Manufacturing Slowdown

11/22/2025

29 2 Full Breakdown

Summary

Story summary

U.S. business activity expanded in November, led by services, as the S&P Global composite output index rose to 54.8.
Manufacturing slowed to a four-month low due to higher import tariffs, increasing unsold inventory, with the PMI at 51.9 and new orders dropping.
Optimism rose as rate-cut expectations and the end of the shutdown boosted confidence, while inflationary pressures are rising and the unemployment rate reached 4.4% in September.

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Story summary

U.S. business activity expanded in November, led by services, as the S&P Global composite output index rose to 54.8.
Manufacturing slowed to a four-month low due to higher import tariffs, increasing unsold inventory, with the PMI at 51.9 and new orders dropping.
Optimism rose as rate-cut expectations and the end of the shutdown boosted confidence, while inflationary pressures are rising and the unemployment rate reached 4.4% in September.