Services Sector Expands at Faster Pace

Tempe, AZ, Dec. 3, 2014 -- The services sector of the economy grew faster than expected in November, according to the Institute for Supply Management.

ISM's survey measure rose to 59.3% from 57.1% in October. Economists had expected a reading of 57.7%. Readings over 50% indicate expansion.

ISM said that its gauge of new orders for nonmanufacturers showed faster growth in November, hitting 61.4%, up 2.3 points from October.

Also, its measure of business activity/production increased 4.4 points to 64.4%.