U.S. Services PMI Ticks Lower in November, But Sector Continued Expanding
07 December 2018 - 02:46AM
Dow Jones News
By Micah Maidenberg
A reading of private-sector services activity in the U.S. ticked
slightly lower in November, but the sector is still expanding,
according to a report released Thursday.
A final reading of the IHS Markit U.S. Services Purchasing
Managers' Index fell slightly to a seasonally adjusted 54.7 in
November, compared to 54.8 in October.
Readings above 50 indicate expansion, while anything below 50
indicates contraction.
Service providers suggested their expansion last month was due
to new client acquisitions and favorable market conditions,
according to the report. However, the rate of growth was the
slowest in 13 months and signaled a moderation in growth compared
to earlier this year.
Staffing levels rose in November, though the pace of job
creation was the slowest since June 2017.
Service providers said they raised prices last month, passing
through higher costs, including for fuel and for workers, along to
clients. Meanwhile, backlogs rose only modestly in November.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
December 06, 2018 10:31 ET (15:31 GMT)
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