Survey: U.S. services firms grew in November
U.S. services firms grew at a slightly stronger pace in November, a sign that the recent stock market selloffs have yet to dampen enthusiasm among consumers. The Institute for Supply Management, which is composed of purchasing managers, reported Thursday that its services index rose to 60.7 last month, up from 60.3 in October. Readings above 50 point to further expansion. Services companies have been expanding for 106 months, or almost nine years. The gain suggests that the U.S. expansion should continue, despite signs of a global slowdown and concerns about a trade war escalating between the United States and China.