By John S. McClenahen Like the manufacturing sector, the non-manufacturing sector of the U.S. economy continued to grow in November. But unlike manufacturing, the rate of growth in non-manufacturing was slower than it had been in October, indicate data ...
ByJohn S. McClenahen Like the manufacturing sector, the non-manufacturing sector of the U.S. economy continued to grow in November. But unlike manufacturing, the rate of growth in non-manufacturing was slower than it had been in October, indicate data released Dec. 3 by the Tempe, Ariz.-based Institute for Supply Management. Its measure for services and other non-manufacturing business activity was 60.1% in November, more than four full percentage points below the 64.5% economists generally expected. A figure above 50% indicates the non-manufacturing sector of the economy is growing; a number below 50% signals that it is contracting. ISM's data show both new orders and order backlogs continuing to grow last month, but more slowly than they did in October.
