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Services Sector Continues To Hum Along

FYI: The ISM Non-Manufacturing report for the month of November showed that the services sector of the economy (the lion’s share) continues to hum along. While economists were expecting the headline index to come in at a level of 59.0, the actual reading stayed above 60, hitting a level of 60.7. What’s notable about this is that even though it is still off its highs from two months ago, the current string of back to back to back readings above 60 is the longest streak of 60+ readings since the survey began in 1997! On a combined basis and accounting for each sector’s share in the overall economy, the combined ISM for the month of November was 60.6, which is also among the highest readings on record.
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