WASHINGTON (December 5, 2012)--U.S. service companies grew at a slightly faster pace in November because sales and new orders rose, a good sign for the economy, the Institute for Supply Management said Wednesday.
The institute said its index of non-manufacturing activity rose to 54.7 from 54.2 in October.
Any reading above 50 indicates expansion.
That's above the 12-month average of 54.4.
The report measures growth in a broad range of businesses from retail and construction companies to health care and financial services firms.
The industries covered employ about 90 percent of the work force.
A measure of employment fell sharply but still showed companies added workers last month.