ISM Services Index Falls in November

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he U.S. economy’s service sector growth fell in November, the Institute for Supply Management reported Monday.

ISM’s services index, which measures non-manufacturing components of the economy, fell to 58.5 from 60 in October, the group said in its monthly report.

Figures of more than 50 indicate expansion. The level was below analysts' forecasts of a 59 reading, Bloomberg reported.

The services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.

The new orders index rose to 59.5 from 58.2, export orders rose to 57 from 54.5 and the prices index fell to 74.2 from 78, ISM said.