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Service sector activity slips in November after hitting record highs

  • The Institute of Supply Management's survey of non-manufacturing firms declined to 57.4 in November.
  • A reading above 50 for the index indicates expansion in the service sector, and a reading below 50 signals contraction.
A bellman at the Ritz-Carlton, Key Biscayne, Florida.
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A bellman at the Ritz-Carlton, Key Biscayne, Florida.

Non-manufacturing economic activity slipped more than anticipated in November after a surprise expansion in the previous month.

The Institute of Supply Management's survey of non-manufacturing firms declined to 57.4 in November, more than the 59 expected by economists polled by Reuters. The index measures 17 industries, such as real estate, construction and mining.

October's survey result of 60.1 represents the highest reading since the index's debut in 2008.

A reading above 50 for the index indicates expansion in the service sector, and a reading below 50 signals contraction. A reading above 48.9 over time is considered an indicator of overall economic expansion.