India, Dec. 3 -- The Institute for Supply Management released a report on Friday showing an unexpected acceleration in the pace of growth in U.S. service sector activity in the month of November.
The ISM said its services PMI rose to a record high 69.1 in November from 66.7 in October, with a reading above 50 indicating growth in the sector. The increase surprised economists, who had expected the index to dip to 65.0.
"In November, record growth continued for the services sector, which has expanded for all but two of the last 142 months," said Anthony Nieves, Chair of the ISM Services Business Survey Committee.
"Demand continues to outpace supply that has been impacted by capacity constraints, shortages of labor and materials, and logist...