Service Sector, Which is 2/3 of US Economy, Grows Faster in November - ISM

The ISM index of activity in the service sector, which makes up about two-thirds of the U.S.  economy, rose to 58.9 in November from 57.1 in October, according to the latest Non-Manufacturing ISM Report On Business. A reading above 50 indicates expansion, while a reading below 50 signals contraction.

The eleven industries reporting growth in November — listed in order — are: Wholesale Trade; Information; Management of Companies & Support Services; Agriculture, Forestry, Fishing & Hunting; Retail Trade; Arts, Entertainment & Recreation; Health Care & Social Assistance; Real Estate, Rental & Leasing; Other Services*; Utilities; and Professional, Scientific & Technical Services. 

The three industries reporting activity the same as last month are: Mining; Transportation & Warehousing; and Finance & Insurance. 

The four industries reporting decreased activity from October to November are: Educational Services; Accommodation & Food Services; Construction; and Public Administration.

ISM's Non-Manufacturing New Orders Index increased to 57.1 percent in November from the 56.5 percent registered in October. This indicates continued expansion of new orders at a faster rate than in October. Comments from members include: "Typically busy time of year" and "Low unemployment rate and higher demand for supply chain and contract administrators."

Employment activity in the non-manufacturing sector increased at a slightly faster rate in November compared to October. This was the 28th consecutive monthly increase in non-manufacturing employment.

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