Investing.com - Service sector activity in the U.S. grew at a faster rate than expected in November, expanding for the 35th consecutive month, industry data showed on Wednesday.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index rose to 54.7 in November from a reading of 54.2 in October.
Analysts had expected the index to decline to 53.5 in October.
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 rose to 58.1 from 54.8, while the Employment Index dropped to 50.3 from 54.9.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD dipping 0.13% to trade at 1.3076.
Meanwhile, U.S. stock markets remained mixed. The Dow Jones Industrial Average added 0.35%, the S&P 500 index was little changed, while the Nasdaq Composite index fell 0.7%.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index rose to 54.7 in November from a reading of 54.2 in October.
Analysts had expected the index to decline to 53.5 in October.
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 rose to 58.1 from 54.8, while the Employment Index dropped to 50.3 from 54.9.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD dipping 0.13% to trade at 1.3076.
Meanwhile, U.S. stock markets remained mixed. The Dow Jones Industrial Average added 0.35%, the S&P 500 index was little changed, while the Nasdaq Composite index fell 0.7%.