U.S. Service-Sector Growth Accelerates in November

Date : 06/12/2018 @ 16:01
Source : Dow Jones News

U.S. Service-Sector Growth Accelerates in November

By Harriet Torry 

The U.S. service sector expanded at a faster pace in November, a sign of continued strength in the domestic economy.

The Institute for Supply Management's nonmanufacturing purchasing-managers index rose to 60.7 in November from 60.3 in October. Economists surveyed by The Wall Street Journal had expected the index to fall to 59.0.

"Respondents remain positive about current business conditions and the direction of the economy," said Anthony Nieves, chair of the ISM nonmanufacturing business-survey committee, although he said concerns persist about employment resources and the impact of tariffs.

The survey provides a barometer for the nation's restaurants, builders, bankers, and other service providers. Consumer spending is the primary driver of the U.S. economy, and about two-thirds of those outlays are on services.

Write to Harriet Torry at harriet.torry@wsj.com

 

(END) Dow Jones Newswires

December 06, 2018 10:46 ET (15:46 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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