12 of 17 non-manufacturing industries reported growth in November.
The Prices Index jumped to 58.5% from 56.6%.
The New Export Orders Index rose to 52.0% from 50.0%.
The key takeaway from the report is that it was underpinned by accelerating growth in both the New Orders Index (to 57.1% from 55.6%) and the Employment Index (to 55.5% from 53.7%), which is not what one would expect to see if it was believed the economy was at a recession tipping point.
According to the ISM, the past relationship between the Non-Manufacturing PMI and the overall economy indicated the November reading corresponds to a 1.9% increase in real GDP on an annualized basis.
|Non-Manufacturing ISM index||53.9||54.7||52.6||56.4||53.7|