The country’s main services index stood at 69.1 points, up from 66.7 in October.
Service Providers in the United States Expanded at a record rate in November Thanks to the continuous increase in consumer demand Promote business activity and maintain steady orders.
Institute of Supply Management (ISM) Service Index It rose to 69.1 last month, up from 66.7 in OctoberAccording to the updated data. Readings above 50 indicate growth and the November number exceeded all expectations in a Bloomberg survey of economists.
The figure shows that The American people have the desire and the means to spend money on servicesThey are reinforced by rapid increases in wages and the accumulation of savings. The ISM business activity index rose to a new record after the new orders index hit a record high in data dating back to 1997.
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While these demand-driven indicators continued to show faster growth, Other indications are that supply constraints may be beginning to ease. The order books index fell from an all-time high, and the employment index rose nearly 5 points to 56.5, its strongest reading since April.
Similar cases emerged earlier in the week with the ISM manufacturing sector survey. A continued reduction in capacity constraints across all industries can help defuse rampant inflationary pressures.
The ISM index of prices paid by service providers decreased slightly in November to 82.3 from the highest level since September 2005.
However, the sellers lead time index remained second all-time, indicating that delays are still very long.
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