12/3/2021, 4:00 PM (Source: TeleTrader)
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US services PMI at record high in November - ISM

The service sector activity across the United States accelerated its expansion in November compared to the previous month to hit the highest value on record, with the key index reaching 69.1%, according to a report published by the Institute for Supply Management on Friday. The services sector grew for the 18th month in a row.

The business activity index increased to 74.6%, with the new orders remaining unchanged at 69.7%. In the same month, the employment index hit 56.5% while the supplier deliveries index reached 75.7%.

"Demand continues to outpace supply that has been impacted by capacity constraints, shortages of labor and materials, and logistical challenges. This has also caused demand-pull inflation that is affecting overall business conditions," ISM Chair Anthony Nieves noted in the report.

Baha Breaking News (BBN) / ND