U.S. Service Sector Remains Strong After Slower Expansion in November

12/05/17 10:31 AM EST
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%.

Write to Josh Mitchell at joshua.mitchell@wsj.com

 

(END) Dow Jones Newswires

December 05, 2017 10:31 ET (15:31 GMT)

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