WASHINGTON (AP) — Growth in the services sector, where most Americans work, hit an all-time high in November, surpassing the previous record set in October.
The Institute for Supply Management reported Friday that its monthly survey of service industries increased by 2.4 percentage points in November from October record 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.
Martin Crutsinger, The Associated Press