US service sector sees slow expansion
Print Edition
The pace of growth in the US service sector slowed in November with employment and business activity growing at lower rates, according to an industry report released yesterday.
The Institute for Supply Management said its service index fell to 53.9 last month from 55.4 in October. The reading was below a forecast for 55, according to a Reuters survey of economists.
A reading above 50 signals growth. November marked the 47th straight month of growth.
The employment gauge fell to 52.5 from October’s 56.2 to its lowest since May, while business activity growth slowed to 55.5 last month from 59.7 in October.
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