Investing.com - Service sector activity in the U.S. grew at a slower rate than expected in November, dampening optimism over the economic outlook, industry data showed on Wednesday.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index declined to 53.9 in November from a reading of 55.4 in October.
Analysts had expected the index to ease down to 55.0 last month.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
The New Orders Index decreased slightly by 0.4 point to 56.4, and the Employment Index decreased 3.7 points to 52.5, indicating growth in employment for the 16th consecutive month, but at a slower rate.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.21% to trade at 1.3559.
Meanwhile, U.S. stock markets remained lower. The Dow Jones Industrial Average fell 0.15%, the S&P 500 index declined 0.1%, while the Nasdaq Composite index dipped 0.05%.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index declined to 53.9 in November from a reading of 55.4 in October.
Analysts had expected the index to ease down to 55.0 last month.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
The New Orders Index decreased slightly by 0.4 point to 56.4, and the Employment Index decreased 3.7 points to 52.5, indicating growth in employment for the 16th consecutive month, but at a slower rate.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.21% to trade at 1.3559.
Meanwhile, U.S. stock markets remained lower. The Dow Jones Industrial Average fell 0.15%, the S&P 500 index declined 0.1%, while the Nasdaq Composite index dipped 0.05%.