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Following weakness in the Manufacturing survey data, Services surveys were expected rebound in November, despite the plunge in 'hard' data seen in November.

S&P Global's Services PMI ticked up in November to 50.8 from 50.6 in October (flat from the flash print)

ISM's Services PMI beat expectations, rising from 51.8 to 52.7 (vs 52.3 exp) in November.

Source: Bloomberg

Under the hood, Employment rose less than expected; New Orders were flat ; and Prices Paid declined…

Source: Bloomberg

“Fifteen industries reported growth in November," noted Anthony Nieves, Chair of the ISM Services Survey Committee.

Manufacturing continues to contract according to both surveys while Services expand…

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said:

But there is some good news:

Is that good enough to keep the dream alive for 125bps of rate-cuts next year?