From the Institute for Supply Management: Services PMI® at 52.1% November 2024 Services ISM® Report On Business®
conomic activity in the services sector expanded for the fifth consecutive month in November, say the nation’s purchasing and supply executives in the latest Services ISM® Report On Business®. The Services PMI® registered 52.1 percent, indicating expansion for the 51st time in 54 months since recovery from the coronavirus pandemic-induced recession began in June 2020.
The report was issued today by Steve Miller, CPSM, CSCP, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: “In November, the Services PMI® registered 52.1 percent, 3.9 percentage points lower than October’s figure of 56 percent. The reading in November marked the ninth time the composite index has been in expansion territory this year. The Business Activity Index registered 53.7 percent in November, 3.5 percentage points lower than the 57.2 percent recorded in October, indicating a fifth month of expansion after a contraction in June. The New Orders Index also recorded a reading of 53.7 percent in November, 3.7 percentage points lower than October’s figure of 57.4 percent. The Employment Index landed in expansion territory for the fourth time in five months; the reading of 51.5 percent is a 1.5-percentage point decrease compared to the 53 percent recorded in October.
emphasis added
The PMI was below expectations.