Investing.com - The rate of growth in the economy's service sector picked up in November, according to a report released on Thursday.
The Institute of Supply Management said its non-manufacturing purchasing managers' index rose to 60.7 in November, from 60.3 the previous month.
Economists had forecast a reading of 59.2.
A reading above 50 for the index indicates expansion in the sector, and a reading below 50 signals contraction.
"The non-manufacturing sector continued to reflect strong growth in November," ISM chair Anthony Nieves explained in the report. "However, concerns persist about employment resources and the impact of tariffs. Respondents remain positive about current business conditions and the direction of the economy.”
Among the subindices, the Non-Manufacturing Business Activity Index increased to 65.2 last month, compared to October's ready of of 62.5.
The New Orders Index registered 62.5 in November, 1 point higher than the reading of 61.5 in the previous month.
The Employment Index fell to 58.4 from October’s reading of 59.7.
The Prices Index increased to 64.3 in November from the prior month’s reading of 61.7.
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