- Services industry activity picks up in November
- Employment rebounds; supplier deliveries improve
- Factory orders increase 1.0% in October
WASHINGTON, Dec 5 (Reuters) – U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy as it braces for an anticipated recession next year.
The survey from the Institute for Supply Management (ISM) on Monday followed on the heels of news last Friday that the economy continued to create jobs at a solid clip in November, with wage growth accelerating. Consumer spending also rose strongly in October.
The flow of strong data raises the risk that the Federal Reserve will continue hiking interest rates and lift its policy rate to a higher level than the recently projected 4.6%, where it could stay for sometime. The U.S. central bank’s rate-hiking cycle is the fastest since the 1980s.
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