ISM Services Index Rises for November
he U.S. economy’s service sector growth rate accelerated for a second straight month in November, the Institute for Supply Management said Tuesday.
ISM’s services index jumped to 58.9, the highest since May, from 57.1 in October. The service index measures non-manufacturing components of the economy, and figures of more than 50 indicate expansion.
Analysts’ had expected the index to fall to 55.5, Bloomberg reported.
The services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.
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