The index of business activity in the US service sector (ISM Non-Manufacturing) increased to 56.5 points in November compared to 54, 4 points a month earlier, according to the data of the Institute of Supply Management (ISM).
Analysts on average predicted a decrease in the indicator to 53.3 points, according to Trading Economics.
The indicator value above 50 points says about the strengthening of business activity in the services sector, below – about its weakening.
The October value of the index was the lowest since May 2020.
The growth of ISM Non-Manufacturing in November is due to the increase in sub-indices of entrepreneurial activity (to 64.7 points from 55.7 points) and employment (to 51.5 points from 49.1 points).
At the same time, the new orders sub-index fell to 56 points from 56.5 points in October, the industry price indicator fell to 70 points from 70.7 points.
ISM calculates the ISM Non-Manufacturing Index based on data from companies in 62 segments of the service 90% of US GDP and about 80% of the country's employed citizens.
Meanwhile, the Purchasing Managers' Index (PMI) in the services sector, calculated by S&P Global Services, fell to 46.2 points in November compared to 47, 8 points a month earlier, according to the final data published on Monday.
Experts on average expected the index to remain at the previously announced level – 46.1 points.