USA non-manufacturing sector reports slower expansion in November

06 Décembre, 2017, 00:44 | Auteur: Auguste Feret

The Institute for Supply Management said Tuesday its index of nonmanufacturing activity fell by 2.7 percentage points to a reading of 57.4.

Growth in USA service industries cooled by more than forecast in November after the fastest expansion since 2005, as orders eased and supply chains normalized following two hurricanes, an Institute for Supply Management survey showed Tuesday.

The business activity index edged down 0.8 point to 61.4; the new orders index dropped 4.1 points to 58.7; and the employment index fell 2.2 points to 55.3 in November. Fourteen industries reported increased business activity, and two reported decreased activity.

But despite the "cooling off" in the index, responses from industry still indicate they expect to finish the year strong, and carry that momentum into 2018, he said.

Anthony Nieves, chair of ISM's Non-Manufacturing Business Survey Committee, said he felt the record pace of the prior two months would be "tough to sustain" especially after the buildup for the holiday season "and would have to wane a little bit".

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He added, "Comments from the survey respondents indicate that the economy and sector will continue to grow for the remainder of the year".

The report compares with a smaller drop in the ISM's latest factory survey, which showed manufacturing expanded at a healthy pace in November amid a burst of production and rising orders.

The purchasing managers index dipped to 58.2 in November from 58.7 in October.

"A moderation in the index in November was expected following the unexpected spike in the previous month".

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