US service sector cools a bit: ISM

0 Comments | AFP, December, 2005

WASHINGTON (AFP) — Activity in the US services sector accelerated at a slightly slower pace in November, the Institute for Supply Management said.

The ISM nonmanufacturing index fell to 58.5 percent in November from 60 percent in October. Economists were expecting decline to about 59 percent.

Readings over 50 indicate expansion in the index, and the latest reading suggests a still-robust level of growth in services for the sector that makes up a major portion of US economic activity.

Among the components of the index, the new orders index rose to 59.5 percent from 58.2 percent, while the prices paid index fell to 74.2 percent from 78 percent.

"There is still significant concern about the relatively high level of energy prices and its impact on...