ISM non-manufacturing index hits 60.7 in November, vs. 59.7 expected

The U.S. services sector expanded in the month of November, according to data released Thursday by the Institute for Supply Management.

The ISM non-manufacturing index rose to 60.7 last month. Economists polled by Refinitiv expected the ISM non-manufacturing index to hit 59.7 for November, down slightly from 60.3 in October.

"The non-manufacturing sector continued to reflect strong growth in November. However, concerns persist about employment resources and the impact of tariffs," said Anthony Nieves, ISM chair, in a statement. Notwithstanding those concerns, "respondents remain positive about current business conditions and the direction of the economy."

Despite the better-than-anticipated number, U.S. equities held near sessions lows following the release, with the Dow Jones Industrial Average down nearly 500 points. The index is down more than 1,300 points in the last two trading sessions as fears of economic slowdown and an inverted yield curve spook investors.

This is breaking news. Please check back for updates.

Let's block ads! (Why?)

from Top News & Analysis https://ift.tt/2rny9xP