Record growth for US service sector

EditorialRoom 8th December 2021

The Institute for Supply Management, a trade group of purchasing managers, released a report showing the U.S. service sector growth unexpectedly accelerated in November. The ISM said its services PMI jumped to a record high 69.1 last month from 66.7 in October, easily beating market expectations of 65, with a reading above 50 indicating growth in the sector. It was the fastest pace of expansion in the services sector since the series began in 1997. The services sector accounts for more than two-thirds of U.S. economic activity. “In November, record growth continued for the services sector, which has expanded for all but two of the last 142 months,”  Anthony Nieves, Chair of the ISM Services Business Survey Committee said. “Demand continues to outpace supply that has been impacted by capacity constraints, shortages of labor and materials, and logistical challenges,” he added. “This has also caused demand-pull inflation that is affecting