WASHINGTON — U.S. services firms grew at a slightly stronger pace in November, a sign that the recent stock market sell-offs have yet to dampen enthusiasm among consumers.
The Institute for Supply Management, which is composed of purchasing managers, reports that its services index rose to 60.7 last month, up from 60.3 in October. Readings above 50 point to further expansion Services companies have been expanding for 106 months, or almost nine years.
The business activity and new orders components of the index improved in November, while employment slowed. Out of 18 industries, 17 reported growth.
Private services companies account for more than 70 per cent of U.S. nonfarm jobs.