US services sector expands at slightly faster pace in November

  • Bizline

Dec 9, 2018-

The US non-manufacturing sector continued to expand in November at a slightly faster pace compared with the previous month, according to latest data released by the Institute for Supply Management (ISM). The non-manufacturing index (NMI), which gauges the performance of the US service sector, was 60.7 percent in November, up by 0.4 percentage points from the October reading, 

according to the Non-Manufacturing ISM Report on Business released Thursday. The October reading was down by 1.3 percentage points from September. The November index indicated continued growth in the non-manufacturing sector for the 106th consecutive month. A reading above 50 percent indicates that the non-manufacturing sector economy is generally expanding. “The non-manufacturing sector continued to reflect strong growth in November,” Anthony Nieves, chair of ISM’s non-manufacturing business survey committee, said in the report. “However, concerns persist about employment resources and the impact of tariffs.” “The past relationship between the NMI and the overall economy indicates that the NMI for November corresponds to a 4.3-percent increase in real gross domestic product (GDP) on an annualised basis,” Nieves said. According to data released by the ISM earlier this week, the November purchasing managers’ index (PMI), which gauges the performance of the manufacturing sector, registered 59.3 percent, up by 1.6 percentage points from the October reading. (XINHUA)

Published: 09-12-2018 08:53

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