Investing.com - Service sector activity in the U.S. grew at the slowest pace in six months in November, dampening optimism over the health of the economy, industry data showed on Thursday.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index fell 55.9 last month from 59.1 in October, missing forecasts for a reading of 58.0.
The Non-Manufacturing Business Activity Index decreased to 58.2, which is 4.8 points lower than the October reading of 63.0. The New Orders Index registered 57.5, 4.5 points lower than the reading of 62.0.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
According to the NMI, 12 non-manufacturing industries reported growth in November. After a strong month of growth in October, the non-manufacturing sector’s rate of growth slowed in November. Most respondents are still positive about business conditions.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 98.74, compared to 98.86 ahead of the report.
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