Economic activity in the U.S. manufacturing sector contracted for the eighth consecutive month in November, marking the 24th decline in the past 25 months, according to the latest Manufacturing ISM® Report On Business®.

The Consumer Prices Index, including owner occupiers' housing costs (CPIH), rose by 3.2% in the 12 months to October 2024, an increase from 2.6% in September and a significant decline from the recent peak of 9.6% recorded in October 2022.

The Fed lowered the federal funds rate, emphasizing a data-driven approach.

The Bank of England lowered its Bank Rate by 25 basis points to 4.75% in November as expected, marking the second cut since the rate-cutting cycle began in August.

For the week ending November 2, seasonally adjusted initial claims for unemployment benefits rose by 3,000, reaching a total of 221,000.

Markets brace for potential impacts on key sectors and global trade after Trump’s victory.

In October, the Services PMI rose to 56%, up 1.1 points from September's 54.9%, marking the eighth expansion this year.

Total nonfarm payroll employment remained largely unchanged in October, with an increase of 12,000 jobs, following an average monthly gain of 194,000 over the past year.