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12/5/2023, 4:01 PM (Source: TeleTrader)
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ISM: US services sector activity up in November

Growth in activity in the United States services industry accelerated in November, the Institute for Supply Management (ISM) reported on Tuesday. The ISM Services Purchasing Managers Index (PMI) stood at 52.7% in November, up 0.9 percentage points from the previous month.

The Business Activity index increased by one percentage point to 55.1%, while the New Orders index remained at 55.5%. The Employment index was up 0.5 percentage points to 50.7% and the Prices index declined 0.3 percentage points to 58.3%.

"The Services PMI, by being above 50 percent for the 11th month after a single month of contraction and a prior 30-month period of expansion, continues to indicate sustained growth for the sector... There is continuing concern about inflation, interest rates and geopolitical events. Rising labor costs and labor constraints remain employment-related challenges," ISM Services Business Survey Committee Chair Anthony Nieves commented.

Baha Breaking News (BBN) / MS