U.S. Service Sector Expanded at Healthy Pace in November

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The U.S service-sector entered the final months of the year on a strong footing, expanding in November and October.

The Institute for Supply Management on Wednesday said its nonmanufacturing index indicated growth in November. The index registered 53.9, down a bit from October’s 54.7 but still strong enough to provide reassurance that the U.S. economy remains healthy.

Readings above 50 on the index indicate expansion.

A similar survey-based index from IHS Markit rose in November to 51.6 from 50.6 in the prior month.

The economy has strengthened since last summer, when an inverted yield curve and other indicators of sluggishness gave rise to fears on an approaching recession. The economy is now expected to continue growing for the remainder of the year and many economists think growth could pick up pace next year.

 

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