WASHINGTON (Reuters) – Growth in U.S. service-sector activity unexpectedly accelerated in November as employment in the sector rebounded, signs the economy was resilient despite the rapid recovery interest rates.
The Institute for Supply Management (ISM) monthly survey released on Monday shows the ISM services index rose to 56.5 from 54.4 the previous month as economists polled by Reuters on average expected a deceleration to 53.3.
The sub-index measuring the evolution of new orders, however, posted a slowdown to 56.0 after 56.5 in October.
The component of prices paid by service companies also decelerated, to 70.0 after 70.7, but that of employment rose, to 51.5 against 49.1 the previous month.
The threshold of 50 separates contraction and expansion of activity.
Another survey on the situation in services, that of S&P Global among purchasing managers, also shows an improvement in activity in November, its index falling to 46.2 after 46.1 in October.
On Wall Street, the three main indices increased their losses after the publication of this data, falling from 0.8% to 1%. Bond yields are rising, with the 10-year rising almost nine basis points to 3.59%, on fears that the US Federal Reserve (Fed) could abandon the expected lull in the pace of its rate hike. interest following its meeting on 14 December.
(Report Lucia Mutikani; French version Claude Chendjou, edited by Kate Entringer)
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