The ISM Services Index registered 69.1% in November; 2.4 percentage points higher than the October reading of 66.7%. This reading represents the eighteenth straight month of growth for the services sector, which has expanded for all but two of the last 142 months.
Eighteen non-manufacturing industries reported growth. Survey respondents noted “Business is greater than in the past. Supply chain issues persist, but we’re evolving to overcome or manage them better than in the past.”
The Business Activity Index registered 74.6% in November, an increase of 4.8 percentage points from the October reading of 69.8%. This represents growth for the eighteenth consecutive month.
Service sector employment grew in October for the fourth month, and registered 56.5% in November, 4.9%higher than October. Eleven industries reported growth in employment for the month.
The New Orders Index was 69.7%, unchanged from the prior month. Comments from respondents include: “Economic situation is getting better and supply chain is improving” and “Supply chain issues are creating anxiety in the marketplace, and clients are doing just-in-case buying instead of just-in-time.”
The supplier deliveries index registered 75.7% in November, unchanged from the prior month. A reading above 50% indicates slower deliveries.
Read the ISM release.
