U.S. Service Sector Remains Strong After Slower Expansion in November
By Josh Mitchell
The U.S. service sector lost a bit of momentum in November but continued to expand healthily.
The Institute for Supply Management said Tuesday its index of nonmanufacturing activity fell by 2.7 percentage points to a reading of 57.4. Any reading above 50 indicates expanding sector activity as measured by factors like sales, prices and hiring.
Economists surveyed by The Wall Street Journal had expected a reading of 59.
The ISM said new orders fell 4.1 points to 58.7. Employment growth and a measure of exports also slipped.
But overall, the report suggests the economy continues to expand at a steady pace. The group said the November index corresponds with U.S. output growing at an annualized rate of 3.3%.
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(END) Dow Jones Newswires
December 05, 2017 10:31 ET (15:31 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.