homeeconomy NewsGrowth in US service sector reaches new heights in November

Growth in US service sector reaches new heights in November

The sector had a reading of 69.1% in November, up 2.4% from the record set in October. Any reading above 50% indicates growth.

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By AP Dec 3, 2021 9:45:37 PM IST (Published)

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Growth in US service sector reaches new heights in November
Growth in the services sector, where most Americans work, hit an all-time high in November, surpassing the previous record set in October.

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The Institute for Supply Management reported on Friday that its monthly survey of service industries increased by 2.4 percent in November from October, to a reading of 69.1 percent. Any reading above 50 indicates growth.
Some of the strength in the services sector is coming from supply chain troubles that are making it harder to meet increased demand.
Analysts said the recent uptick in COVID cases and now the appearance of the new omicron variant could depress service sector activity in coming months.
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