Growth of US service firms accelerated last month
WASHINGTON – U.S. service companies grew at a slightly faster pace in November because sales and new orders rose, a good sign for the economy.
The Institute for Supply Management said Wednesday that its index of non-manufacturing activity rose to 54.7 from 54.2 in October. Any reading above 50 indicates expansion. November's figure is above the 12-month average of 54.4.
The report measures growth in a broad range of businesses from retail and construction companies to health care and financial services firms. The industries covered employ about 90 percent of the work force.
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