US services sector activity takes breather in November
US services sector activity slowed in November after posting big gains in recent months, but remained above levels consistent with solid economic growth in the fourth quarter.
The Institute for Supply Management (ISM) said on Wednesday that its nonmanufacturing purchasing managers index (PMI) slipped to 52.1 last month after surging to 56.0 in October, which was the highest level since August 2022. Economists polled by Reuters had forecast the services PMI easing to 55.5.
A PMI reading above 50 indicates growth in the services sector, which accounts for more than two-thirds of the economy. The ISM views PMI readings above 49 over time as generally indicating an expansion of the overall economy.
The economy appears to have retained most of its momentum from the third quarter, with consumer spending rising at a brisk clip in October. Construction spending also picked up, though business spending on equipment probably softened early in the fourth quarter.
The Atlanta Federal Reserve is currently forecasting gross domestic product rising at a 3.2% annualized rate this quarter. The economy grew at a 2.8% pace in the July-September quarter.
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