TEMPE, Ariz., Dec. 4 (UPI) -- The U.S. service sector expanded in November, but the pace of growth slowed slightly, the Institute for Supply Management said Wednesday.
While the pace of growth is modest, the institute said it was the 47th consecutive month the service sector had expanded.
With numbers above 50 indicating growth, the headline purchasing managers index slipped from 55.4 in October to 53.9 in November. New orders held relatively steady, sliding from 56.8 to 56.4. The employment index also showed growth at a slower pace, dropping from 56.2 to 52.5.
Inventory growth slowed, the index for the category dropping from 54.5 to 54.
The backlog of orders index slipped from a break-even level of 50 to a slow decline at 49.
Of the eight industries reporting declines, the three sharpest drops were reported by arts, entertainment and recreation; agriculture, forestry, fishing and hunting; and transportation and warehousing.
The institute said 11 non-manufacturing industries reported growth in the month of November, while six reported contractions.
Growth was led by transportation and warehousing, retail, and management of companies.
Declines were lead by mining, accommodation and food services and utilities, the institute said.
