U.S. Service-Sector Activity Surged in November
06 December 2016 - 03:00AM
Dow Jones News
Activity in U.S. service industries expanded rapidly in
November, the latest sign the economy is ending the year on solid
footing after a weak first half.
The Institute for Supply Management said Monday its index of
nonmanufacturing activity rose to 57.2 in November from an
unrevised 54.8 in October. A reading above 50 indicates sector
expansion.
Last month's reading marked the highest level of activity since
October 2015. Economists surveyed by The Wall Street Journal
expected a reading of 55.5.
The service sector—a broad range of industries such restaurants,
accounting, barbers, real estate—represents most of the economy in
the U.S. The sector struggled earlier in the year but has rebounded
in recent months as consumers, benefiting from higher earnings and
moderate inflation, spend steadily.
Write to Josh Mitchell at joshua.mitchell@wsj.com
(END) Dow Jones Newswires
December 05, 2016 10:45 ET (15:45 GMT)
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