NEW YORK, Nov. 25 (UPI) -- The U.S. service sector expanded sharply in November after slowing in October, Markit Economics reported Monday.
Markit said the Purchasing Managers Index for non-manufacturing businesses jumped from a slightly negative 49.3 to 57.1 with figures above 50 indicating growth.
The monthly index in this flash estimate has reached its highest point since March 2012, Markit said.
A flash estimate is subject to revision later. It is based on 85 percent of the data that goes into the final estimate.
The new figure suggests that "service sector output bounced back after having been previously affected by the disruption caused by the government shutdown," the research firm said.
Markit said the index for new orders for service companies rose from 54.2 in October to 58.5, indicating faster expansion. The outstanding business index rose from 48.1 to 53.9. The employment index slipped from 55.1 to 53.6, indicating expansion had slowed.
Respondents to the survey remain optimistic, but to a "lesser degree,"as the business expectations index dropped from 78.8 in October to 73 in November.
