Ireland Services Growth At 1-Year Low But Still Strong

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A reading above 50 means expansion in the sector on a monthly basis, anything below indicates contraction.

The IHS Markit U.S. Services Business Activity Index came in at 54.5 for last month, down from its October reading of 55.3.

Improving conditions for manufacturers failed to keep Markit's composite PMI from declining to 48.9 in November from 49.5 in the prior month.

"A sufficient degree of optimism in pockets of the economy, notably financial services, tourism, manufacturing and house building, is helping the economy as a whole to sustain steady growth", he said.

Growth in Britain's powerhouse services sector was pegged back last month as firms hiked prices at the fastest pace for almost a decade in the face of soaring costs.

November has seen the highest pickup in Russia's service sector since January 2017 thanks to a surge in new orders and accelerating business activity, according to Markit Economics data.

Duncan Brock, director of customer relationships at the Chartered Institute of Procurement & Supply (CIPS), said: "Businesses could no longer fight against the tide of higher prices for food, fuel and salaries as input cost inflation remained close to its strongest for six years".

The services sector - which includes finance, real estate services, marketing, transportation and retailing - has become an increasingly important part of the Chinese economy, reflecting a shift away from traditional heavy-industry manufacturing and exports.

Services account for about 60 percent of Brazil's gross domestic product, which is expected to grow around 0.9 percent this year.

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