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.”