Economic Buzz: US ISM Services PMI Jumps To 56.5 In November

6 Dec 2022 , 08:27 AM

A report released by the Institute for Supply Management showed U.S. service sector activity unexpectedly grew at an accelerated rate in the in the month of November. The ISM said its services PMI climbed to 56.5 in November from 54.4 in October, with a reading above 50 indicating growth in the sector. The unexpected advance by the headline index partly reflected a significant acceleration in the pace of growth in business activity, with the business activity index surging to 64.7 in November from 55.7 in October. The report also showed a turnaround by employment in the service sector, as the employment index rose to 51.5 in November from 49.1 in October. On the other hand, the new orders index edged down to 56.0 in November from 56.5 in October, pointing to a slight slowdown in the pace of growth. The prices index also dipped to 70.0 in November from 70.7 in October, suggesting prices increased by a modestly slower rate.Powered by Commodity Insights