Service Industries Show Growth In November

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TEMPE, Ariz. (UPI) — The pace of growth among U.S. service industries rose marginally in November from October, the Institute for Supply Management said Wednesday.

The Purchasing Managers Index for non-manufacturing businesses rose from 54.2 to 54.7, a gain of 0.5 percentage points.

With numbers above 50 indicating expansion, the index has shown growth for service industries for 35 consecutive months.

The index for new orders for non-manufacturing businesses rose from 54.8 to 58.1. The production index, showing growth for 40 consecutive months, rose sharply, climbing from 55.4 to 61.2.

The Employment Index shifted lower, dropping from 54.9 to 50.3, which points to very slow growth in the number of employees.

Eleven of 18 service industries reported growth in November, led by agriculture, forestry, fishing and hunting, utilities, retail trade and real estate.

Six sectors reported business activity contracting in November, led by mining, educational services, management of companies, transportation and warehousing; accommodation and food services and wholesale trade.

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