By Micah Maidenberg
A reading of private-sector services activity in the U.S. ticked slightly lower in November, but the sector is still expanding, according to a report released Thursday.
A final reading of the IHS Markit U.S. Services Purchasing Managers' Index fell slightly to a seasonally adjusted 54.7 in November, compared to 54.8 in October.
Readings above 50 indicate expansion, while anything below 50 indicates contraction.
Service providers suggested their expansion last month was due to new client acquisitions and favorable market conditions, according to the report. However, the rate of growth was the slowest in 13 months and signaled a moderation in growth compared to earlier this year.
Staffing levels rose in November, though the pace of job creation was the slowest since June 2017.
Service providers said they raised prices last month, passing through higher costs, including for fuel and for workers, along to clients. Meanwhile, backlogs rose only modestly in November.
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(END) Dow Jones Newswires
December 06, 2018 10:31 ET (15:31 GMT)
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