The U.S. economy continues to recover from the downturn caused by the coronavirus pandemic, according to business surveys that show services and manufacturing activity growing despite a rising number of infections.
The U.S. performance contrasts with surveys showing the European economy is set for a fresh contraction in the final quarter of 2020, as lockdowns aimed at containing the coronavirus have led to a sharp decline in activity in the dominant services sector.
Data firm IHS Markit said Monday its composite index of U.S. business activity, which covers both the services and manufacturing sectors, rose to 57.9 in November from 56.3 in October. The new reading, a preliminary estimate for this month, represented the strongest rate of growth for U.S. business activity since March 2015, IHS Markit said. A reading above 50.0 indicates that activity is increasing, while a reading below points to a decline in activity.