Economic Activity In US Services Sector Hits New Record

Economic activity in the US' services sector grew for the 18th month in a row to hit a new record high in November, according to data released Friday.

The ISM non-manufacturing purchasing managers' index (PMI), also known as the ISM Services PMI, soared 2.4 percentage points from the previous month to a new all-time high of 69.1%, said the survey released by the Institute for Supply Management (ISM).

The market expectation for the index, which indicates the overall economic condition of the non-manufacturing sector, was a 65% reading; while the previous record of the index was 66.7% in September.

The ISM's business activity index was 74.6% last month, an increase of 4.8 percentage points from 69.8% in October, the ISM said.

Its services employment index, on the other hand, came in at 56.5%, up 4.9 percentage points from 51.6%. -