Investing.com - Service sector activity in the U.S. grew at a faster rate than expected in November, easing concerns over the economic outlook, industry data showed on Wednesday.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index rose to 59.3 last month from a reading of 57.1 in October. Analysts had expected the index to inch up to 57.5 in November.
The New Orders Index registered 61.4, 2.3 points higher than the reading of 59.1 registered in October.
The Employment Index decreased 2.9 points to 56.7 from the October reading of 59.6 and indicates growth for the ninth consecutive month.
The Prices Index increased 2.3 points from the October reading of 52.1 to 54.4, indicating prices increased at a faster rate in November when compared to October.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
EUR/USD was trading at 1.2309 from around 1.2314 ahead of the release of the data, GBP/USD was at 1.5678 from 1.5682 earlier, while USD/JPY was at 119.75 compared to 119.69 earlier.
Meanwhile, U.S. stock markets were mixed after the open. The Dow 30 tacked on 0.1%, the S&P 500 rose 0.2%, while the Nasdaq 100 dipped 0.2%.
Elsewhere, in the commodities market, gold futures traded at $1,204.50 a troy ounce, compared to $1,205.50 ahead of the data, while crude oil traded at $67.76 a barrel from $67.87 earlier.