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U.S. service sector sees faster expansion in November

Xinhua, December 6, 2016 Adjust font size:

U.S. service sector expanded at a faster pace in November, indicating a healthy economy in the fourth quarter, an industry survey showed on Monday.

The Non-Manufacturing Index (NMI), which measures activity in the U.S. service sector, registered 57.2 in November, up 2.4 points from the previous month and hitting 12-month high, the Institute for Supply Management (ISM) said in its monthly survey.

The NMI survey covers all sectors outside of manufacturing. A reading above 50 percent indicates expansion of the service sector.

The business activity index increased 4 points to 61.7; the employment index rose 5.1 points to 58.2, while the new orders component of the index, a signal of future business, edged down 0.7 point to 57.

The non-manufacturing sector rebounded after a slight cooling-off in October, with majority of business citing positive look for business conditions and overall economy, said the ISM.

A recent survey released by the ISM showed that U.S. manufacturing sector also gained growth momentum in November.

The recent upbeat economic data are likely reinforce the market expectation that the U.S. Federal Reserve would raise interest rate in its policy meeting scheduled next week. Enditem