U.S. services businesses, a key driver of economic growth, gained ground for the sixth straight month in November, adding to signs the recovery is continuing.
Surveys of purchasing managers released on Thursday showed a pickup in services activity in the U.S., where restrictions on businesses have been limited during a fresh wave of coronavirus infections, and in Asia, which there have been few cases.
Activity in Europe contracted, surveys showed. European governments put in place tough new restrictions on businesses and households in late October, measures that are now being eased.
Private data firm IHS Markit said on Thursday its U.S. services index was 58.4, the fastest uptick in activity since March 2015 and up from 56.9 the prior month. The Institute for Supply Management’s services index—which measures activity in industries such as restaurants, travel, health care, and real estate—was 55.9 in November from 56.6 the prior month.
A reading above 50 indicates growth, while a level below 50 signals contraction.
