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Growth in US service sector reaches new heights in November
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Growth in US service sector reaches new heights in November
Dec 3, 2021 12:45 PM

Growth in the services sector, where most Americans work, hit an all-time high in November, surpassing the previous record set in October.

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The Institute for Supply Management reported on Friday that its monthly survey of service industries increased by 2.4 percent in November from October, to a reading of 69.1 percent. Any reading above 50 indicates growth.

Some of the strength in the services sector is coming from supply chain troubles that are making it harder to meet increased demand.

Analysts said the recent uptick in COVID cases and now the appearance of the new omicron variant could depress service sector activity in coming months.

Also read:

Hiring activity in India spiked 26 percent in November

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