U.S. Business Activity Stable But Private Job Growth Stalls for First Time in Over 3 Years
• U.S. business activity held steady in November, but private sector employment declined for the first time in over 3 years • Manufacturing sector contracted, while services sector activity edged up slightly • Drop in employment index signals potential sharp slowdown in labor market ahead • Prices paid by businesses for inputs fell to lowest level since October 2020 • Firms still raising prices but at considerably slower pace compared to last year