Service providers from U.S. retailers to builders expanded in November at the second-fastest pace in more than nine years, indicating the world’s largest economy is forging ahead through a global slowdown.
The Institute for Supply Management’s non-manufacturing index rose to 59.3, the second-highest level since August 2005, from 57.1 in October, the Tempe, Arizona-based group said today. The figure exceeded the highest projection in a Bloomberg survey of 78 economists.
The report “suggests continued momentum in fourth-quarter growth,” said Samuel Coffin, an economist at UBS Securities LLC in New York who is among the best forecasters of the services gauge in the past two years, according to data compiled by Bloomberg. “Confidence has been moving up and household wealth has been picking up for a while. The whole household sector is doing pretty well.”
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015