Service Industries in U.S. Grew at Slower Pace in November
- Twelve of 18 industries show growth, led by real estate
- Services index shows biggest decrease in seven years
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Service industries in the U.S. expanded in November at the slowest pace in six months, indicating malaise in manufacturing is impeding progress in other parts of the economy.
The Institute for Supply Management’s non-manufacturing index declined to 55.9 from October’s 59.1, the biggest monthly decrease in seven years, the Tempe, Arizona-based group said Thursday. A gauge above 50 denotes expansion, and the median estimate in a Bloomberg survey of economists called for a reading of 58.