Economic activity in the US services sector accelerated in November, according to data released Monday.
The Institute for Supply Management’s (ISM) non-manufacturing purchasing managers’ index (PMI), also known as the ISM Services PMI, rose 2.1 percentage points to 56.5 in November, an ISM survey showed.
Analysts had expected the index, which indicates the overall economic condition of the non-manufacturing sector, to post a reading of 53.3, after standing at 54.4 in October.
A reading above 50 indicates expansion.
While economic activity in the American service sector grew in November for the 30th consecutive month, a total of 13 industries reported growth, according to the services PMI.
The index hit an all-time high of 69.1 last November.
Source: Anadolu Agency