US Service Sector Grows at Faster Rate in November – ISM
Economists are expecting a more positive growth rate in the US job sector following a report by private-trade group Institute for Supply Management (ISM), which showed a positive rise in the country’s service sector – expanding for the 11th straight month in November and the fastest rate in six months.
A new study released by private-trade group Institute for Supply Management (ISM) showed a significant growth in the United States service sector, expanding for the 11th straight month in November and the fastest rate in six months.
Based on the report, ISM said that the positive growth in the US job sector followed a string of other economic indicators, which points to more positive growth rate in the country’s economy.
The ISM also said that the service sector index, which accounts to some 80 percent of the total US economic movement, rose to 55 percent in November compared to 54.3 percent in the previous month, the highest since May 2010.
Economists were also encouraged by ISM’s new orders index, which rose by a point to 57.7 percent; while employment index move to a three-year high of 52.7.
The report, according to the analysts, was consistent with the annual economic growth of about 3 percent.
Based on the report, hotels and restaurants, retailers, transportation, and health care industries were among the top industries, which has registered expansion in November. Meanwhile, the mining, education, agriculture, and forestry sectors contracted during the period.
However, figures from the Labor Department showed a different picture. In a report, the department said that the US unemployment rate rose to 9.8 percent in the same period as job creation slowed down.
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