Service sector activity accelerated in November.
ISM’s latest service sector PMI came in at 59.3.
Expectations were for the reading to come in at 57.5, up from 57.1 in October. October’s report missed expectations.
Wednesday’s report showed that the new orders sub-index rose to 61.4, up from 59.1 in October, while the employment index fell to 56.7 against 59.6.
This report from ISM also follows Markit’s service sector PMI, which came in below expectations.
Markit’s report showed that new orders rose at the slowest pace in seven months, while payroll and job gains accelerated in November.
From ISM, here’s a look at what the survey’s respondents said about business conditions in November.