An index of the U.S. economy’s service sector increased in November, the Institute for Supply Management said Wednesday.
ISM’s monthly services index rose to a reading of 54.7, from 54.2 in October. Figures greater than 50 indicate expansion.
Economists had forecast the index would drop to 53.5, Bloomberg reported.
The index averaged 56.1 in the five years prior to the recession that began in December 2007.
ISM’s services index measures non-manufacturing components of the economy, and the services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.