Service industries show slower growth

Dec. 5, 2011 at 12:28 PM

TEMPE, Ariz., Dec. 5 (UPI) -- Business activity in U.S. service industries grew in November for the 24th consecutive month, the Institute for Supply Management said Monday.

The pace of growth slowed from October, when the headline Purchasing Managers Index was 52.9. In November, the PMI fell to 52 even.

The index uses 50 as a break-even point. Above 50 indicates growth. Below 50 indicates a contraction.

The critical new-orders index for non-manufacturing businesses rose from 52.4 to 53. The employment index, declined from 53.3 to 48.9.

The prices index rose from 57.1 to 62.5.

In the month, 12 of 18 service industries tracked in the report showed growth, led by retail trade, mining, information services and utilities.

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