Services economy sees gains for fifth straight month in November, reports ISM

November services sector output saw growth for the fifth consecutive month, according to the latest edition of the Services ISM Report on Business, released today by the Institute for Supply Management (ISM).

The November Services PMI, at 52.1 (a reading of 50 or higher signals growth), was down 3.9% compared to October, growing, at a slower rate, for the fifth consecutive month. October was at 56.0, up 1.1% over September, and September came in at 54.9, up 3.4%, over August. The August Services PMI, at 51.5, was essentially flat, with a slight 0.1% increase over July’s reading of 51.4, which was up 2.6% from June’s 48.8. May’s PMI was 53.8, following a 49.4 reading in April, which marked the first contraction since December 2022 (when the PMI was 49). Prior to that, the last contraction was in May 2020, when the PMI dropped to 45.4.

The November PMI was 0.1% below the 12-month average of 52.2, with October’s 56.0 and June’s 48.8, marking the respective high and low readings over that period.

Please click here to read the complete article. 

SC
MR