Economic activity in the US services sector expanded in November for 11th straight month, according to a report Tuesday by the Institute for Supply Management (ISM).
The ISM’s non-manufacturing purchasing managers’ index (PMI), also known as the ISM services PMI, came in at 52.7% in November, above the market expectation of 52%, and following 51.8% in October.
A reading above 50 indicates growth and below that shows contraction.
The US services sector has grown in 41 of the last 42 months, with the lone contraction in December 2022, according to the ISM. The index hit an all-time high of 69.1% in November 2021.
“Fifteen industries reported growth in November,” ISM Chair Anthony Nieves said in the report, noting that the services sector had a slight uptick in growth during November due to the increase in business activity and employment.
Nieves, however, noted there is continuing concern about inflation, interest rates and geopolitical events, adding: “Rising labor costs and labor constraints remain empl
oyment-related challenges.”
Source: Anadolu Agency